Use the Following Information for Questions

question 33

Multiple Choice

Use the following information for questions
Toby Co.uses the retail inventory method.The following information is available for the current year.

-The approximate cost of the ending inventory by the conventional retail method is

• A)$143,850.
• B)$142,380.
• C)$147,000.
• D)$153,720.

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Definitions:

Par Value

Par Value is the nominal or face value of a stock or bond, as stated by the issuer, and has little relation to its market value.

Income Statement

The income statement is a financial report that summarizes the revenues, costs, and expenses incurred during a specific period of time, typically a fiscal quarter or year.

Total Liabilities

The aggregate of all debts and financial obligations a company owes to external parties.

Contra-Liability Account

An account that reduces the amount of a liability, often used to record discounts or allowances that decrease the total amount owed by a company.