The Following Information Is Available for the Past Month for a Retail

question 80

Multiple Choice

The following information is available for the past month for a retail store: $$\begin{array} { | l | r | } \hline \text { Sales } & \$ 87,000 \\\hline \text { Markups } & \$ 9,000 \\\hline \text { Markdowns } & \$ 9,000 \\\hline \text { Purchases (at cost) } & \$ 38,800 \\\hline \text { Purchases (at retail) } & \$ 107,000 \\\hline \text { Beginning inventory (at cost) } & \$ 30,000 \\\hline \text { Beginning inventory (at retail) } & \$ 48,186 \\\hline\end{array}$$
What is the ending inventory at cost using the conventional retail method? (Round cost-to-retail ratios to four decimal places.)

• A) $28,570
• B) $164,186
• C) $78,000
• D) $68,186

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Definitions:

Sapir-Whorf Hypothesis

A theory suggesting that the structure of a language shapes its speakers' worldview and cognitive processes, influencing their perception of reality.

Beliefs

Convictions or acceptances that something is true or exists, often part of a larger system of ideas shared by a community.

Conspicuous Consumption

The ostentatious display of goods to mark one’s social status.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by feelings of prejudice towards other groups.