Jones Co Uses the Retail Inventory Method

question 62

Multiple Choice

Jones Co. uses the retail inventory method. Given the following data, what is the ending inventory at cost? Sales at retail $80,000, net purchases at cost $41,200, net purchases at retail $66,800, beginning inventory at cost $22,400, beginning inventory at retail $36,800. Round cost ratio to the nearest whole percent.

• A)$23,600
• B)$63,600
• C)$14,936
• D)$14,396
• E)None of these

Identify the role of transnational corporations and their impact on global markets.

Recognize the relationship between globalization and cultural changes, including homogenization and cultural imperialism.

Comprehend the contributions and effects of international organizations in promoting human rights and globalization.

Analyze the effects of globalization on global income inequality and poverty.

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Definitions:

Natural Monopoly

A market condition in which a single company can supply a product or service at a lower cost than any potential competitor, leading to a dominant position that discourages others from entering the market.

Monopoly Power

The ability of a single seller to control market prices and exclude competitors within a particular industry.

Antitrust Policy

Government regulations designed to promote competition and prevent the formation of monopolies or anti-competitive practices.

Price-Fixing

An illegal agreement among competitors to set prices, establish production quotas, or engage in other practices that eliminate or reduce competition within an industry.