At the beginning of 2004, the Race Company had an inventory valued at $34,375 at...
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Accounting
At the beginning of 2004, the Race Company had an inventory valued at $34,375 at cost ($50,000 at retail). During the year, Race purchased inventory for $50,000 ($70,000 at retail), and made markdowns of $7,500. Race's sales in 2004 were $72,500. What is Race's estimated ending inventory at FIFO cost, using the retail inventory method?
| a. | $32,000 |
| b. | $40,000 |
| c. | $39,000 |
| d. | $34,375 |
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