A Company Reported the Following Information Regarding Its Inventory

question 169

Multiple Choice

A company reported the following information regarding its inventory. Beginning inventory: cost is $70,000; retail is $130,000
Net purchases: cost is $65,000; retail is $120,000
Sales at retail: $145,000
The year-end inventory showed $105,000 worth of merchandise available at retail prices. What is the cost of the ending inventory?

• A) $48,300.
• B) $56,700.
• C) $56,441.
• D) $78,300.
• E) $105,000.

---

Definitions:

Fifth Amendment's

Pertains to the U.S. Constitution amendment that guarantees rights related to legal proceedings, such as protection against self-incrimination and double jeopardy, and ensures due process.

Self-incrimination

The act of implicating oneself in a crime or exposing oneself to criminal prosecution, often discussed in the context of the Fifth Amendment of the U.S. Constitution, which protects against forced self-incrimination.

Criminal Case

A legal case brought by the state against individuals or groups charged with violating criminal laws.

Bill Of Rights

The first ten amendments to the United States Constitution, guaranteeing essential rights and freedoms to American citizens.