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How much is cost of Grand Rapids estimated ending inventory

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Question - Grand Rapids Department Store utilizes the retail inventory method. Grand Rapids' beginning inventory cost $140,000 and retailed for $280,000. Purchases for the period amounted to $390,000 and were priced to sell at twice that amount. Sales for the period, all at normal retail, were $600,000. How much is the cost of Grand Rapids' estimated ending inventory?

a. $300,000

b. $115,000

c. $230,000

d. $150,000

Reference no: EM132531647

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