Sherrie's Shoes Uses the FIFO Retail Inventory Method to Determine

question 52

Multiple Choice

Sherrie's Shoes uses the FIFO retail inventory method to determine its ending inventory.The accounting records for Sherrie's Shoes contained the following information: $\begin{array}{lll}&\text { Cost }&\text { Retail }\\\text { Purchases } & \$ 242,000 & \$ 348,830 \\\text { Sales } & & 394,000 \\\text { Sales returns } & & 5,076 \\\text { Beginning inventory } & 60,500 & 107,294 \\\text { Net markups } & & 32,800 \\\text { Net markdowns } & & 12,000\end{array}$ The freight-in charges for the merchandise were $7, 500.What is the cost of ending inventory for Sherrie's Shoes?

• A)$49, 280
• B)$55, 792
• C)$57, 200
• D)$59, 400

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