Lutex Corporation Began Its Accounting Period with a Merchandise Inventory

question 132

Multiple Choice

Lutex Corporation began its accounting period with a merchandise inventory (beginning inventory) that cost $10,000. During the period, it purchased for resale merchandise with a retail value of $100,000. With purchase discounts, it paid only $80,000 for this merchandise. Thus, during this period, Lutex had ____ in goods available for sale.

• A) $180,000
• B) $70,000
• C) $80,000
• D) $90,000
• E) $190,000

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