Question

A company had been selling its product for $20 per unit, but recently lowered the selling price to $15 per unit. The companys current inventory consists of 200 units purchased at $16 per unit. The market value of this inventory is currently $13 per unit. At what amount should the companys inventory be reported on the balance sheet?

A) $2,600

B) $3,200

C) $3,000

D) $4,000

Answer

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