At December 31, 2014, the following information was available from Kohl Co.'s accounting records: Sales for the year totaled $1,200,000. Markdowns amounted to $10,000. Under the lower-of-cost-or-market method, Kohl's inventory at December 31, 2014 was
A) $294,000.
B) $147,000.
C) $140,000.
D) $133,000.

Question

At December 31, 2014, the following information was available from Kohl Co.'s accounting records:  Sales for the year totaled $1,200,000. Markdowns amounted to $10,000. Under the lower-of-cost-or-market method, Kohl's inventory at December 31, 2014 was
A) $294,000. 
B) $147,000. 
C) $140,000. 
D) $133,000.

Quizplus · Accepted Answer

The Answer of At December 31, 2014, the following information was available from Kohl Co.'s accounting records:  Sales for the year totaled $1,200,000. Markdowns amounted to $10,000. Under the lower-of-cost-or-market method, Kohl's inventory at December 31, 2014 was
A) $294,000. 
B) $147,000. 
C) $140,000. 
D) $133,000.

At December 31, 2014, the Following Information Was Available from Kohl