Sporting Goods Galore Ltd At Cost,assuming FIFO,LCM? $_____________

question 85

Essay

Sporting Goods Galore Ltd.uses the retail method of inventory.Data for the year 2013 follows: $\begin{array}{lrr}&\text { At Cost } & \text { At Retail } \\ \text {Beginning inventory.}&\$19,840&\$30,000 \\ \text {Purchases (net). }&53,360&86,000\\ \text {Mark-ups (net). }& &6,000\\ \text {Markdowns (net). }&&(2,000) \\ \text {Goods available for sale. }&\$73,200&120,000 \\ \text {Net sales. }&&80,000 \\ \text {Ending inventory: }& \\ \text {At retail. }&&\$40,000 \\\end{array}$ At cost,assuming FIFO,LCM? $_____________.

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Definitions:

No-Need Objection

An objection in which the prospect declares he or she does not need the product and implies the end of the selling effort, but which may actually be either a hidden or a stalling objection.

Clearwater Hampers

A company or brand known for offering gift baskets or hampers, potentially including various food items and gifts.

Corporate Customers

Businesses or organizations that purchase goods or services for use in their operations, as opposed to individual consumers.

Stalling Objection

A type of sales objection where the customer postpones a purchase decision, often requiring additional persuasion or information.