Use the Following Information for Questions 125 Through 129

question 102

Multiple Choice

Use the following information for questions 125 through 129.
Plank Co. uses the retail inventory method. The following information is available for the current year.
-The ending inventory at retail should be

• A) $480,000.
• B) $450,000.
• C) $432,000.
• D) $420,000.

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Definitions:

Land

The part of the earth's surface that is not covered by water, including any buildings, crops, or natural resources upon it, which can be owned or used.

Easement in Gross

A legal right to use another person's land for a specific, limited purpose, which is not tied to any particular piece of property.

Personal

Relating to or concerning individuals rather than groups or companies; not related to business or official matters.

Owner

The person or entity that has legal title, possession, or control over property, assets, or goods, and has the right to use, manage, and dispose of them.