Reference no: EM132515880

The State University bookstore had 1,100 accounting textbooks with a cost of $97.00 each on hand at the year-end. The supplier price list indicated that the cost to purchase the books had increased to $103 each as of December 31. A week later, the unit book cost dropped to $101. The books will be sold for $155 to students.

Question 1: At what value should the books appear in the bookstore's inventory on December 31?

Option 1: $170,500

Option 2: $106,700

Option 3: $113,300

Option 4: $111,100