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

question 132

Multiple Choice

The following information is available for the past month for a retail store: $$\begin{array} { | l | r | } \hline \text { Sales } & \$ 102,000 \\\hline \text { Markups } & \$ 10,000 \\\hline \text { Markdowns } & \$ 8,000 \\\hline \text { Purchases (at cost) } & \$ 38,800 \\\hline \text { Purchases (at retail) } & \$ 107,000 \\\hline \text { Beginning inventory (at cost) } & \$ 30,000 \\\hline \text { Beginning inventory (at retail) } & \$ 46,000 \\\hline\end{array}$$
What is the ending inventory at cost using the basic retail method? (Round cost-to-retail ratios to four decimal places.)

• A) $23,527
• B) $29,473
• C) $53,000
• D) $16,000

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Definitions:

Determinants

Factors or elements that contribute to a certain outcome or condition.

Trusting Relationships

Bonds between individuals or groups characterized by confidence, reliability, and mutual respect, often fundamental for successful cooperation.

Delegate

In organizational contexts, to assign responsibility or authority from one person to another to carry out specific activities, while the original person retains the final accountability for the outcome.

Group Development Process

A sequence of stages through which a group passes as it forms, starts to work together, matures in its relationships and activities, and possibly dissolves.