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

Question 46
Multiple Choice
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Multiple Choice

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

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