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