Ortiz Department Store Utilizes the Retail Inventory Method to Estimate

question 165

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 $600,000 and net sales during the period for $440,000. The estimated cost of the ending inventory is

• A) $112,000.
• B) $160,000.
• C) $308,000.
• D) $420,000.

---

Definitions:

Chart

A visual representation of data designed to make complex information easily understandable through graphs, pie charts, histograms, etc.

Change Colors

The process of altering the hues or shades of elements in a digital document, image, or interface to achieve a desired visual effect.

Combine Command

In computer software, the Combine Command is used to merge two or more sets of data or text into a single entity.

Compare

To compare means to analyze two or more objects, ideas, or data points to identify their similarities and differences.