Question: A Business estimates ending inventory using the CONVENTIONAL Retail Method. COST RETAIL Beginning inventory $ 3 9 , 0 0 0 $ 1 1 7

A Business estimates ending inventory using the CONVENTIONAL Retail Method.
COST RETAIL
Beginning inventory $39,000 $117,000
Purchases $60,000 $180,000
Markups $ 15,000
Markdowns $ 5,600
Sales $112,000
Which of the following statements are true?
Select ALL correct answers, incorrect answers are penalized.

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