Question
The Kansas Company provided the following data for its December 31, 2004, inventory maintained on the retail basis. At Cost At Retail Beginning inventory $104,000
The Kansas Company provided the following data for its December 31, 2004, inventory maintained on the retail basis.
|
| At Cost | At Retail |
| Beginning inventory | $104,000 | $224,000 |
| Purchases | 280,000 | 396,000 |
| Markups (net) |
| 20,000 |
| Markdowns (net) |
| (40,000) |
| Sales |
| 520,000 |
What is the estimated inventory at December 31, 2004, valued at lower of average cost or market?
| a. | $53,333 |
| b. | $75,000 |
| c. | $56,000 |
| d. | $48,000 |
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Auditing And Edp
Authors: Gordon B Et Al Davis
2nd Edition
9993191930, 978-9993191933
