At December 31, 2020, the Following Information Was Available from Hampshire

question 102

Multiple Choice

At December 31, 2020, the following information was available from Hampshire Corp.'s accounting records: $$\begin{array} { l l l } & \text { Cost } & \text { Retail } \\\text { Inventory, Jan } 1& \$ 147,000 & \$ 215,000 \\\text { Purchases } & 763,000 & 1,155,000 \\\text { Additional markups } &---&\underline{40,000}\\\text { Available for sale } &\underline{\$910,000} &\underline{\$ 1,410,000} \\\end{array}$$
Sales for the year totalled $1.1 million. Markdowns amounted to $10,000. Under the lower of average cost and market method, Hampshire's estimated inventory at December 31, 2020 was

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Definitions:

Scale 1:1

A drawing or model scale where one unit in the drawing or model is equal to one unit on the actual object, representing a real-life size.

Abbreviation R

Commonly represents "Radius" in technical drawings, indicating the measure of the distance from the center of a circle to its perimeter.

Concentric Circles

Circles that share the same center point but differ in radius.

Eccentric

Related to a mechanism or part of it that is off-center or not in the normal or expected position, often causing a deviation or irregular motion.