Garrison Company uses the retail method of Inventory costing. It started the year with an Inventory that had a retail cost of $43,800. During the year, Garrison purchased an inventory with a retail sales value of $782,500. After performing a physical inventory, Garrison calculated the inventory cost at retail to be $68,000. The mark up is 100% of cost. Determine the ending inventory at its estimated cost. a. $68,000 b. $102,000 c. $34,000 d. $170,000 The journal entry to close the Fees Earned, $140, and Rent Revenue, $45, accounts during the year-end closing process would involve: a. credits to the two revenue accounts Ob. a credit to a general revenue account Oc. a debit to a general revenue account Od. debits to the two revenue accounts The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets May 3 Purchase Units Cost 10 $15 10 Sale 3 17 Purchase 12 $18 20 Sale 00 8 23 Sale 2 30 Purchase 11 $24 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method. Oa. $123 Ob. $141 Oc. $249 Od. $189