Given the Following Data Which of the Following Depicts the Proper Account Balance After

Given the following data: $\begin{array}{|l|r|}\hline \text { Ending inventory at cost } & \$ 23,600 \\\hline \text { Ending inventory at net realizable value } & 24,000 \\\hline \begin{array}{c}\text { Cost of goods sold (before consideration of the } \\\text { lower-of-cost-and-net-realizable-value rule) }\end{array} & 37,000 \\\hline\end{array}$
Which of the following depicts the proper account balance after the application of the lower-of-cost-and-net-realizable-value rule?

A) Ending inventory will be $24,000.
B) Cost of goods sold will be $36,600.
C) Cost of goods sold will be $57,600.
D) Ending inventory will be $23,600.

Correct Answer:

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