Jelly's Grocery Store Showed the Following Account Balances at the End

question 46

Multiple Choice

Jelly's Grocery Store showed the following account balances at the end of 2020: If all of the accounts have normal balances, what is the total of the trial balance?

• A) $86,000
• B) $119,600
• C) $127,600
• D) $186,600
• E) $255,500

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Definitions:

Inventory Valuation

The method of calculating the cost of goods available for sale and determining the end inventory balance.

Net Realizable Value

The estimated selling price of goods, minus the costs of their completion and costs necessary to make the sale.

Market Value

Market value is the current price at which an asset or service can be bought or sold in a marketplace.

Ending Inventory

The total value of all merchandise or goods held by a company at the end of an accounting period, which has not been sold.