A company has the following financial information regarding its inventory: Item Cost Retail Beginning inventory $ 70,000 $ 95,000 Net purchases 75,000 135,000 Sales 165,000 Period-end inventory merchandise available at retail 65,000 Applying the retail inventory method, the cost of ending inventory is estimated at ____: multiple choice $41,325 $40,950 $42,275 $41,775
A company has the following financial information regarding its inventory: Item Cost Retail Beginning inventory $ 70,000 $ 95,000 Net purchases 75,000 135,000 Sales 165,000 Period-end inventory merchandise available at retail 65,000 Applying the retail inventory method, the cost of ending inventory is estimated at ____: multiple choice $41,325 $40,950 $42,275 $41,775
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...
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A company has the following financial information regarding its inventory:
| Item | Cost | Retail |
|---|---|---|
| Beginning inventory | $ 70,000 | $ 95,000 |
| Net purchases | 75,000 | 135,000 |
| Sales | 165,000 | |
| Period-end inventory merchandise available at retail | 65,000 |
Applying the retail inventory method, the cost of ending inventory is estimated at ____:
multiple choice
-
$41,325
-
$40,950
-
$42,275
-
$41,775
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