Garrison Company Uses the Retail Method of Inventory Costing

question 63

Multiple Choice

Garrison Company uses the retail method of inventory costing. They started the year with an inventory that had a retail cost of $45,000. During the year they purchased an inventory with a retail cost of $300,000. After performing a physical inventory, they calculated their inventory cost at retail to be $80,000. The mark up is 100% of cost. Determine the ending inventory at its estimated cost.

• A) $160,000
• B) $80,000
• C) $40,000
• D) $45,000

---

Definitions:

Personally Intervening

Personally intervening means taking direct action or involving oneself directly in a situation, typically to influence the outcome or to provide assistance.

ATM Machine

An automated teller machine, a banking terminal that allows clients to conduct transactions, such as cash withdrawals, without the need for a human clerk.

Good Mood

A positive emotional state characterized by feelings of happiness, satisfaction, and well-being.

Deserve Help

Deserve Help refers to the belief or notion that individuals should receive support, assistance, or aid, particularly in times of need based on certain conditions or merits.