Ortiz Department Store Utilizes the Retail Inventory Method to Estimate

question 158

Multiple Choice

Ortiz Department Store utilizes the retail inventory method to estimate its inventories. It calculated its cost to retail ratio during the period at 70%. Goods available for sale at retail amounted to $600000 and goods were sold during the period for $440000. The estimated cost of the ending inventory is

• A) $112000.
• B) $160000.
• C) $308000.
• D) $420000.

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Definitions:

Somatic Fluid

Bodily fluids that are part of, or produced by, the cells or tissues of the body, excluding reproductive fluids.

Electroencephalograph

An instrument that measures and records the electrical activity of the brain, known as an EEG.

Positron Emission Tomography

A type of imaging test that uses a radioactive substance to look for disease in the body, especially in the brain.

Electrical Stimulation

The use of electrical impulses to induce a muscular contraction or stimulate nerves and tissues for therapeutic purposes.