Determine the Estimated Cost of the Ending Inventory for Hawkeye

question 69

Essay

Determine the estimated cost of the ending inventory for Hawkeye Tack as of September 30 by the retail method from the following data:
$\begin{array}{lll} && \text {Cost } & \text { Retail } \\ \text { Sep. 1 } & \text { Beginning inventory} &\$500&\$800\\& \text { September purchases } &3,750&6,000\\& \text { September sales } &&5,500\\\end{array}$

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Definitions:

Hierarchy Of Needs

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization, in that order.

Abraham H. Maslow

An American psychologist best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs.

Physical Needs

Basic human requirements for survival and well-being, such as food, water, shelter, and sleep.

Intrinsic Benefits

Advantages or positive aspects inherent to something, not dependent on external factors.