Use the following answer $to$ answer multiple choice questions $5$ through $6.$ The following data

concerning the retail inventory method are taken from the financial records $of$ Floor$-$Mart for

Round all numbers $in$ intermediate steps $to$ four decimal places and final answers $to$ two

decimal places.

Beginning inventory

Purchases

Net markups

Net markdowns

Sales

Under the conventional retail inventory valuation method, ending inventory $atcost$ for the

year ending December $31,2017$ should $be$:

$a.$ $$178,713\mathrm{.}98$

$b.$ $$142,321\mathrm{.}04$

$c.$ $$135,084\mathrm{.}38$

$d.$ $$246,145\mathrm{.}00$

Under the cost retail inventory valuation method, ending inventory $atcost$ for the year

ending December $31,2017$ should $be$:

$a.$ $$178,713\mathrm{.}98$

$b.$ $$142,321\mathrm{.}04$

$c.$ $$135,084\mathrm{.}38$

$d.$ $$246,145\mathrm{.}00$

Inventory may $be$ recorded $at$ net realizable value $if$

$a.$ there $is$ a controlled market with a quoted price.

$b.$ the inventory $is$ made $upof$ agricultural $or$ commodity$-$type items.

$c.$ there $is$ a controlled market with a quoted price and there are $no$ significant costs $of$

disposal.

$d.$ Inventories may never $be$ recorded $at$ net realizable value.