American Lumber Has the Following Company Information for October: Goods

question 85

Multiple Choice

American Lumber has the following company information for October: goods available for sale at cost are $24,000, retail is $38,400, and sales at retail equal $30,400. Bert has a normal gross profit of 30%. The cost of estimated ending inventory under the gross profit method is: (Round any percentages to two decimal places, X.XX%, and your final answer to the nearest dollar.)

• A) $8,000.
• B) $14,880.
• C) $5,600.
• D) $2,720.

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Definitions:

Maslow

Abraham Maslow was an American psychologist known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs.

Jonah Complex

The fear of achieving one’s fullest potential, leading to self-sabotage or avoidance of success.

Maslow

A psychologist best known for developing Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs.

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Feelings of uncertainty or lack of conviction about something, often involving questions about belief or decision making.