Use the Following Information for Questions
the Following Data

Multiple Choice

Use the following information for questions
The following data concerning the retail inventory method are taken from the financial records of Stone Company. $\begin{array}{lcc}&\text { Cost } & \text { Retail }\\\hline\text { Beginning inventory } & \$ 49,000 & \$ 70,000 \\\text { Purchases } & 224,000 & 320,000 \\\text { Freight-in } & 6,000 & - \\\text { Net markups } & - & 20,000 \\\text { Net markdowns } & - & 14,000 \\\text { Sales } & - & 336,000\end{array}$
-If the foregoing figures are verified and a count of the ending inventory reveals that merchandise actually on hand amounts to $54,000 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.