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Henke Co. uses the retail inventory method to estimate its inventory for interim statement purposes....

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Accounting

Henke Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 2017, are as follows: Cost Retail Inventory, 2/1/17 $ 300,000 $ 375,000 Purchases 1,500,000 2,362,500 Markups, net 262,500 Sales 2,400,000 Estimated normal shoplifting losses 30,000 Markdowns, net 165,000 Under the lower-of-cost-or-market method, Henke's estimated inventory at July 31, 2017 is A. $261,000. B. $279,000. C. $405,000. D. $243,000.

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