Question: Refer to the situation described in BE 97. Estimate ending inventory and cost of goods sold using the conventional method and the information provided. BE

Refer to the situation described in BE 9–7. Estimate ending inventory and cost of goods sold using the conventional method and the information provided.

BE 9–7

Cost Retail $ 450,000 Beginning inventory Net purchases Freight-in Net markups Net markdowns $300,000 861,000 1,210,000 22,000 48,000 18,000 Net sales 1,200,000

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