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Edna CorpUses the FIFO Retail Inventory Method and Reports the Following

Question 57

Multiple Choice

Edna Corp.uses the FIFO retail inventory method and reports the following information:  Cost  Retail  Purchases $21,450$28,000 Sales 24,800 Net markips 1,000 Beginning inventory 2,1003,000 Net_markdowns 400\begin{array}{lll}&\text { Cost }&\text { Retail }\\\text { Purchases } & \$ 21,450 & \$ 28,000 \\\text { Sales } & & 24,800 \\\text { Net markips } & & 1,000 \\\text { Beginning inventory } & 2,100 & 3,000 \\\text { Net\_markdowns } & & 400\end{array} What is the cost of ending inventory for Edna Corp.?


A) $4, 760
B) $5, 100
C) $5, 209
D) $5, 552

Correct Answer:

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