Winchester Model 94 in 25/35...20" round barrel, SN 1,xxx,xxx with tang sight. Friend called and offered it to me ....evidently sitting in a relatives closet for years and his widow gave it to my friend. Told me it seemed to work smoothly but that it had surface rust on the receiver. Any idea of what it might be worth? There are 5 boxes of ammo with it and my friend said the widow told him the rifle hadn't been out of the closet since before WW II.

This is totally a guess, but $1500?

DB,
Depending on year of manufacture. Is it an Eastern Carbine, Saddle Ring Carbine or a later gun as they were made up until about 1935 to 40 as I recall.

A good Eastern Carbine is bringing $900 to a $1000, a SRC is fetching $900 to $1800. The later guns are worth $700 to $1000. All is based on condition, and surface pitting devalues the heck out of them to collectors. the ammo is probably whatever factory ammo is bringing in that caliber unless its some of the old collectable stuff with silver colored bullets.

The m=94 rifles are about $100 to $150 less than the carbines unless they are a variation and there are plenty of those out there.