Williams Company had the following balances and transactions during 2014.
| Beginning Inventory |
10 units at $70 |
| June 10 |
Purchased 20 units at $80 |
| December 30 |
Sold 15 units |
| December 31 |
Replacement cost $68 |
Williams maintains its records of inventory on a perpetual basis using the lastminusin,firstminusout method. Calculate the amount of ending Merchandise Inventory at December 31, 2014 using the lower minus of minus cost minus or minus market rule.
A. $1,020
B. $1,200
C. $1,360
D. $2,040