Use the following information for questions 114 through 118.
The following data concerning the retail inventory method are taken from the financial records of Welch Company.
-If the foregoing figures are verified and a count of the ending inventory reveals that merchandise actually on hand amounts to $108,000 at retail, the business has
A) realized a windfall gain.
B) sustained a loss.
C) no gain or loss as there is close coincidence of the inventories.
D) none of these answer choices are correct.

Question

Use the following information for questions 114 through 118.
The following data concerning the retail inventory method are taken from the financial records of Welch Company. 
-If the foregoing figures are verified and a count of the ending inventory reveals that merchandise actually on hand amounts to $108,000 at retail, the business has
A) realized a windfall gain. 
B) sustained a loss. 
C) no gain or loss as there is close coincidence of the inventories. 
D) none of these answer choices are correct.

Quizplus · Accepted Answer

The Answer of Use the following information for questions 114 through 118.
The following data concerning the retail inventory method are taken from the financial records of Welch Company. 
-If the foregoing figures are verified and a count of the ending inventory reveals that merchandise actually on hand amounts to $108,000 at retail, the business has
A) realized a windfall gain. 
B) sustained a loss. 
C) no gain or loss as there is close coincidence of the inventories. 
D) none of these answer choices are correct.

Use the Following Information for Questions 114 Through 118