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:

Inflammation

When bodily tissues swell in response to a perceived or real threat.

Swell

A term often used to describe a long wave on the water's surface that has traveled a great distance.

Perceived Threat

The subjective interpretation of a potential harm or danger, influencing an individual's response and behavior towards it.

Personality Type

A classification of individuals based on shared psychological traits, often used in personality assessments to understand behavioral tendencies.