Seaton's of Canada Ltd The Inventory Approximation at April 30, 2008, Was:
A) $1,008

question 55

Multiple Choice

Seaton's of Canada Ltd. uses the retail inventory method to approximate average cost at lower-of-cost-or-market. The following information is available for the month of April 2008 (in 000's) : $\begin{array} { | l | l | l | } \hline & \text { Retail } & \text { Cost } \\\hline \text { Cost of goods available for sale } & \$ 4,500 & \$ 3,600 \\\hline \text { Net mark-ups } & & \$ 500 \\\hline \text { Net markdowns } & & \$ 200 \\\hline \text { Sales } & & \$ 3,400 \\\hline\end{array}$
The inventory approximation at April 30, 2008, was:

• A) $1,008
• B) $1,050
• C) $1,120
• D) $1,152

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