Garden World Uses the Retail Method to Estimate Its Monthly

question 113

Multiple Choice

Garden World uses the retail method to estimate its monthly cost of goods sold and month-end inventory.At May 31,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 May 31 is:

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

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Definitions:

Report Layout View

A feature in database applications that enables users to see how a report generated from data will look while allowing edits to its layout and formatting.

Format Property

A property in software that allows users to change the appearance or format of data in a database or document, such as font type, size, or color.

Number Field

A number field refers to a field in a database designated to contain numerical data.

Property Sheet

A user interface component that lists the properties of an object and allows the user to edit them.