It has been long rumored that ASUS (2357) was working on a new low-end Android tablet, and earlier reports were confirmed on Monday when Asus announced its new 7-inch MeMo Pad. The device looks nearly identical to the Nexus 7 Asus launched with Google (GOOG) but will likely cost 25% less than Google’s entry-level slate. The MeMo Pad is equipped with a 7-inch 1024 x 600 pixel resolution display, a 1GHz single-core VIA WM8950 processor, 8GB or 16GB of internal storage, 1GB of RAM, a 1-megapixel front-facing camera and Android 4.1. Unlike the Nexus 7, the MeMo Pad also includes a microSD slot for additional storage. ASUS did not reveal pricing or availability although it has been widely reported that the MeMo Pad will be offered for $149.