Question: Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: CostRetailBeginning inventory$ 3 0 0 , 0

Colonial Corporation uses the retail method to value its inventory. The following information is available for the year:
CostRetailBeginning inventory$ 300,000$ 291,000Purchases581,000928,000Freight-in19,000Net markups31,000Net markdowns5,000Net sales910,000

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