Question: Data for a firm using the FIFO-LCM retail inventory method is as follows: Beginning inventory Cost = $300 Retail = $467 Net purchases. Cost =

Data for a firm using the FIFO-LCM retail inventory method is as follows:

Beginning inventory Cost = $300 Retail = $467

Net purchases. Cost = $1,200 Retail = $2,000

Net additional markups Retail = $100

Net markdowns Retail = ($300)

Sales Retail = $1,700

Compute cost of goods sold.

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