At the Beginning of 2016, the Joan Company Had an Inventory

At the beginning of 2016, the Joan Company had an inventory valued at $34,375 at cost $50,000 at retail). During the year, Joan purchased inventory for $50,000 $70,000 at retail), and made markdowns of $7,500. Joan's sales in 2016 were $62,500. What is Joan's estimated ending inventory at FIFO cost using the retail inventory method?

A) $37,500
B) $40,000
C) $39,000
D) $34,375

Correct Answer: Explore answers and other related questions