At the Beginning of 2010, the Nancy Company Had an Inventory

question 68

Multiple Choice

At the beginning of 2010, the Nancy Company had an inventory valued at $34, 375 at cost ($50, 000 at retail) .During the year, Nancy purchased inventory for $50, 000 ($70, 000 at retail) , and made markdowns of $7, 500.Nancy's sales in 2010 were $62, 500.What is Nancy's estimated ending inventory at FIFO cost using the retail inventory method?

• A)$37, 500
• B)$40, 000
• C)$39, 000
• D)$34, 375

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Definitions:

Accommodation

In psychology, it refers to the process by which individuals adjust their schemas or understandings in response to new information.

Sequential Stages

Sequential stages refer to a series of steps or phases that occur in a specific, ordered progression.

Intellectual Development

The growth and change in a person's intellectual capacities, such as thinking, reasoning, problem-solving, and understanding, throughout the lifespan.

Specific Age

A particular point or period in the life of an organism or an object, often used in the context of growth, development, or legal status.