Garden World Uses the Retail Method to Estimate Its Monthly

question 9

Multiple Choice

Garden World uses the retail method to estimate its monthly cost of goods sold and month-end inventory. At 31 May, the accounting records indicate the cost of goods available for sale during the month (beginning inventory plus purchases) totaled $540,000. These goods had been priced for resale at $900,000. Sales in May totaled $480,000. The estimated inventory at 31 May is:

• A) $540,000.
• B) $252,000.
• C) $420,000.
• D) $288,000.

---

Definitions:

Learning Theories

Frameworks that describe how information is absorbed, processed, and retained during the learning process.

Behaviorism

Learning theory that emphasizes the predictable role of environment in causing observable behavior.

Social Learning Theory

A theory that suggests individuals learn behaviors and norms through observation, imitation, and modeling from others within a social context.

Injection

The act of administering a liquid, especially a drug, into a person's body using a syringe and needle.