At the beginning of 2016, the Joan Company had an inventory valued at $34,375 at cost ($50,000 at retail). During the year, Joan purchased inventory for $50,000 ($70,000 at retail), and made markdowns of $7,500. Joan's sales in 2016 were $62,500. What is Joan's estimated ending inventory at FIFO cost using the retail inventory method?
A) $37,500
B) $40,000
C) $39,000
D) $34,375
B
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A. Liabilities and dividends. B. Assets and revenues. C. Liabilities and expenses. D. Revenues and expenses. E. Assets and expenses.
Which of the following is the best argument against the use of negative accounts receivable confirmation requests?
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A. Eggs B. Office supplies C. Used cars D. A custom-made bulldozer E. Wheat
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A) the full cost excluding installation costs B) the full cost minus salvage value C) the full cost including installation costs D) the full cost including installation costs adjusted for the salvage value