Johnson Co

question 37

Multiple Choice

Johnson Co. uses the retail inventory method. From the following data what is the estimated ending inventory at cost? Net purchases at cost $33,000, beginning inventory at cost $27,000, beginning inventory at retail $35,000, net purchases at retail $45,000, retail sales $70,000.

• A)$7,500
• B)$30,000
• C)$22,500
• D)$12,500
• E)None of these

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Definitions:

Memory Construction

The process of forming and organizing new memories, which involves encoding, consolidation, and retrieval.

Long-Term Memory

A type of memory capable of storing information for long periods, even a lifetime, involving facts, experiences, and skills.

Past Assumptions

Previous beliefs or ideas assumed to be true without concrete evidence.

Repression

A defense mechanism in psychoanalytic theory in which unpleasant thoughts, memories, or feelings are pushed out of the conscious mind.