_______ Cloverdale, Inc, uses the conventional retail inventory method to account for inventory, The following information relates to current year's operations: What amount should be reported as cost of goods sold for the year? $273, 600. $272,000. $275,000. None of the above. The balance in account receivable at the beginning of 2016 was $600. During 2016, $1, 200 of credit sales were recorded lf the ending balance in accounts receivable was $500 and 1200 in account receivable were written off during the year, the amount of cash collected from customers was $3.100 $3, 200 $3, 300 $3, 800 ___Gar Co, factored its receivables without recourse with Ross Bank. Gar received cash as a result of this transaction, which is best described as a Loan from Ross coliateralized by Gar's account receivable. Loan from Ross to be repaid by the proceed from Gar's accounts receivables. Sale of Gar's accounts receivable to Ross, with the risk of uncollectible accounts transferred to Ross. Sale of Gar