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

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