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Use for questions 16 and 17 -- The following information concerning the retail inventory method...

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Accounting

Use for questions 16 and 17 -- The following information concerning the retail inventory method is taken from the financial records of Welch Company: Cost Retail Beginning inventory 49,000 76,000Purchases224.000320,000 Freight in 6,000 --Net markups -- 20,000Net markdowns -- 14,000Net Sales336,000

16. The ending Inventory at retail should be:A. 74,000.B. 66,000.C. 64,000.D. 42,000.

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