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Grand Rapids Department Store utilizes the retail inventory method. Grand Rapids' beginning inventory cost $140,000 and retailed for $280,000. Purchases for the period amounted to
Grand Rapids Department Store utilizes the retail inventory method. Grand Rapids' beginning inventory cost $140,000 and retailed for $280,000. Purchases for the period amounted to $390,000 and were priced to sell at twice that amount. Sales for the period, all at normal retail, were $600,000. How much is the cost of Grand Rapids' estimated ending inventory?
Group of answer choices
$300,000
$115,000
$230,000
$150,000
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