Passarant Company Reports Goods Available for Sale at Cost, $156,000

question 147

Essay

Passarant Company reports goods available for sale at cost, $156,000. Beginning inventory at retail is $60,000 and goods purchased during the period at retail were $180,000. Sales for the period amounted to $90,000.
Instructions
Determine the estimated cost of the ending inventory using the retail inventory method.

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Definitions:

Realistic Anxiety

A form of anxiety stemming from the awareness of real and possible threats, distinguishing it from neurotic or moral anxiety.

Understandable Source

A source of information that is clear and easy to comprehend.

Learning Perspective

A theoretical approach in psychology that emphasizes the role of environmental influences on one's behavior, including the processes of learning through reinforcement and observation.

Disordered Behavior

Actions or patterns of actions that are considered abnormal or outside societal norms, often indicative of a psychological condition.