Clooney Department Store Estimates Inventory by Using the Retail Inventory

question 121

Multiple Choice

Clooney Department Store estimates inventory by using the retail inventory method. The following information was developed: $\begin{array}{lrr}&\text { At Cost }&\text { At Retail }\\\text { Beginning inventory } & \$ 360,000 & \$ 750,000 \\\text { Goods purchased } & 900,000 & 1,350,000 \\\text { Net sales } & & 1,400,000\end{array}$ The estimated cost of the ending inventory is

• A) $280,000.
• B) $336,000.
• C) $420,000.
• D) $466,667.

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