To the Nearest Thousand,estimated Ending Inventory Using the Conventional Retail

question 87

Multiple Choice

To the nearest thousand,estimated ending inventory using the conventional retail method is:

• A)$163,000.
• B)$124,000.
• C)$127,000.
• D)$136,000.

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Definitions:

360-Day Year

A simplified approach used in some financial calculations where the year is assumed to have 360 days instead of 365 or 366, to facilitate easier interest calculations.

Note

A financial instrument that represents a promise to pay a specific amount of money at a future date or upon demand.

Notes Issued

Financial obligations in the form of promissory notes that a company issues to creditors or investors to raise capital.

Account Payable

Liabilities to suppliers or creditors for goods or services received that have not yet been paid for.