Stevens Company Started the Year with an Inventory Cost of $145,000

Multiple Choice

Stevens Company started the year with an inventory cost of $145,000. During the month of January, Stevens purchased inventory that cost $53,000. January sales totaled $140,000. Estimated gross profit is 35%. The estimated ending inventory as of January 31 is

A) $58,000
B) $91,000
C) $107,000
D) $69,300