Stevens Company Started the Year with an Inventory Cost of $145,000

question 57

Multiple Choice

Stevens Company started the year with an inventory cost of $145,000. During the month of January, Stevens purchased inventory that cost $53,000. January sales totaled $140,000. Estimated gross profit is 35%. The estimated ending inventory as of January 31 is

• A) $58,000
• B) $91,000
• C) $107,000
• D) $69,300

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Definitions:

Conscious Awareness

The state of being awake and aware of one's surroundings, thoughts, and feelings.

Subconscious

The part of the mind that is not currently in focal awareness but can influence thoughts and behaviors.

Formal Reasoning

The process of following a set of rigorous procedures for reaching logical conclusions.

Dialectical Reasoning

A method of argument for resolving disagreement that involves the exchange of arguments and counter-arguments, aiming to find the truth through reasoned discussion.