Lutex Corporation Began Its Accounting Period with a Merchandise Inventory

Multiple Choice

Lutex Corporation began its accounting period with a merchandise inventory (beginning inventory) that cost $10,000. During the period, it purchased for resale merchandise with a retail value of $100,000. With purchase discounts, it paid only $80,000 for this merchandise. Thus, during this period, Lutex had ____ in goods available for sale.

A) $180,000
B) $70,000
C) $80,000
D) $90,000
E) $190,000