Garrison Company uses the retail method of inventory costing. It started the year with an...
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Accounting
Garrison Company uses the retail method of inventory costing. It started the year with an inventory that had a retail cost of $36,000. During the year, Garrison purchased an inventory with a retail sales value of $64,000. After performing a physical inventory, Garrison calculated the inventory at retail to be $30,000. The mark up is 62% of cost. Determine the ending inventory at its estimated cost.
Select one:
a.
$18,600
b.
$30,000
c.
$40,000
d.
$36,000
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