Dicer Uses the Conventional Retail Method to Determine Its Ending

question 71

Multiple Choice

Dicer uses the conventional retail method to determine its ending inventory at cost.Assume the beginning inventory at cost (retail) were $130,000 ($198,000) , purchases during the current year at cost (retail) were $685,000 ($1,100,000) , freight-in on these purchases totaled $43,000, sales during the current year totaled $1,050,000, and net markups (markdowns) were $24,000 ($36,000) .What is the ending inventory value at cost?

• A)$153,164.
• B)$156,165.
• C)$157,412.
• D)$236,000.

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Definitions:

Pope Urban VIII

Pope from 1623 to 1644, known for his patronage of the arts and involvement in the Galileo affair, asserting the conflict between heliocentrism and Church teachings.

Heresy

Beliefs or opinions that deviate from established religious teachings, especially those considered orthodoxy in Christian churches, which can lead to condemnation or excommunication.

Galileo Galilei

An Italian astronomer, physicist, and engineer from the Renaissance Era, renowned for his contributions to the scientific method and significant astronomical discoveries with the telescope.

Theologians

Scholars who specialize in the study of theology, exploring the nature of the divine, religious beliefs, and spiritual experiences.