The following information applied to Michaels Company for 2014: Merchandise purchased for resale ..................... $400,000 Freight-in ........................................... 7,500 Interest on notes payable to vendors ................. 3,000 Purchase returns ..................................... 2,500 Michaels' inventoriable cost for 2014 was
a. $409,000.
b. $407,500.
c. $406,000.
d. $405,000
D
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