Dicer Uses the Conventional Retail Method to Determine Its Ending

question 50

Multiple Choice

Dicer uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $260,000 ($396,000) , purchases during the current year at cost (retail) were $1,370,000 ($2,200,000) , freight-in on these purchases totaled $86,000, sales during the current year totaled $2,000,000, and net markups (markdowns) were $48,000 ($72,000) . What is the ending inventory value at cost?

• A) $371,228.
• B) $378,092.
• C) $386,804.
• D) $572,000.

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Definitions:

Semantic Memory

Semantic memory refers to a portion of long-term memory that processes ideas and concepts that are not drawn from personal experience, such as facts, meanings of words, and general knowledge of the world.

Declarative Memories

Recollections that are accessible to conscious awareness, including information and occurrences.

Nondeclarative Memories

A category of long-term memory that includes skills, tasks, and actions one can perform without consciously thinking about them, such as riding a bicycle.

Implicit Memories

Memories that are acquired and retrieved unconsciously, influencing behaviors and knowledge without deliberate recollection.