Hawkeye Auto Parts Uses the Average Cost Retail Method to Estimate

question 22

Multiple Choice

Hawkeye Auto Parts uses the average cost retail method to estimate inventories.Data for the first six months of 2016 include: beginning inventory at cost and retail were $55,000 and $100,000,net purchases at cost and retail were $785,000 and $1,300,000,and sales during the first six months totaled $800,000.The estimated inventory at June 30,2016,would be:

• A)$330,000.
• B)$360,000.
• C)$362,300.
• D)None of these answer choices are correct.

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Definitions:

Actual Malice

A legal standard used to prove that a false statement was made with knowledge of its falsity or with reckless disregard for the truth, particularly in defamation cases.

Reckless Disregard

A conscious indifference to the rights or safety of others that represents a significant deviation from reasonable conduct.

Knowledge of Falsity

Pertains to the awareness that a particular statement or claim is false.

Fundamental Right

A right considered to be essential for the liberty or well-being of individuals, often protected by law.