Seaton's of Canada Ltd The Inventory Approximation at April 30,2008,was:
A)$1,008
B)$1,050
C)$1,120
D)$1,152

question 119

Multiple Choice

Seaton's of Canada Ltd.uses the retail inventory method to approximate average cost at lower-of-cost-or-market.The following information is available for the month of April 2008 (in 000's) : $\begin{array} {|l|l|l| } \hline & \text {Retail }& \text { Cost }\\\hline \text {Cost of goods available for sale. }&\$4,500&\$3,600\\\hline \text { Net mark-ups .}&&\$500\\\hline \text { Net markdowns.}&&\$200\\\hline \text { Sales.}&&\$3,400\\\hline\end{array}$
The inventory approximation at April 30,2008,was:

• A)$1,008
• B)$1,050
• C)$1,120
• D)$1,152

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