The Following Information Relates to 2013 Using the Retail Inventory Method and LCM (Based on the |

question 160

Multiple Choice

The following information relates to 2013: $\begin{array} { | l | l | l | } \hline & \text { Cost } & \text { Retail } \\\hline \text { Beginning inventory } & \$ 29,000 & \$ 45,000 \\\hline \text { Purchases } & 140,000 & 190,000 \\\hline \text { Purchases discounts taken } & 3,000 & \\\hline \text { Purchases returns } & 5,000 & 8,000 \\\hline \text { Freight-in } & 20,000 & \\\hline \text { Net mark-ups } & & 40,000 \\\hline \text { Net markdowns } & & 12,000 \\\hline \text { Sales } & & 190,000 \\\hline \text { Employee discounts } & & 3,000 \\\hline\end{array}$
Using the retail inventory method and LCM (based on the average cost flow assumption) , what is the value of the ending inventory? When performing your calculations, round your cost ratios to one decimal point.

• A) $44,888
• B) $44,020
• C) $42,036
• D) $41,614

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Definitions:

Id

Refers to a component of the psychoanalytic personality theory developed by Sigmund Freud that is responsible for our innate desires and urges, operating based on the pleasure principle.

Thanatos

In psychoanalytic theory, another term for the drive toward death, destruction, and decay.

Unconscious Desire

Desires and wishes that influence our behavior and feelings without our conscious awareness, often explored in Freudian psychoanalytic theory.

Psychoanalysts

Professionals in psychology who use theories and techniques of psychoanalysis to explore and treat unconscious conflicts within individuals.