Fact Pattern 28-3B

question 73

Multiple Choice

Fact Pattern 28-3B
Mary's home is in a state that has a $30,000 homestead exemption. Mary de?faults on a $60,000 debt that she owes to Nina. Mary's home is sold at auc?tion for $80,000.
-Refer to Fact Pattern 28-3B. Mary will receive

• A) $0.
• B) $30,000.
• C) $50,000.
• D) $60,000.

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Definitions:

Retail Inventory

The total value of goods available for sale at a retail location, including items on the sales floor and in stock.

Shrinkage

Retail inventory that is unaccounted for between receipt and sale.

Economic Order Quantity

The ideal order quantity a company should purchase to minimize its inventory costs, including holding, setup, and shortage costs.

Holding Costs

Expenses incurred to store and maintain inventory over a period, including warehousing, insurance, and spoilage costs.