Question: Perry Corporation uses the retail method to value its inventory. The following information is available for the year: Purchases Cost $ 300,000 343,460 6,000

Perry Corporation uses the retail method to value its inventory. The following

Perry Corporation uses the retail method to value its inventory. The following information is available for the year: Purchases Cost $ 300,000 343,460 6,000 Retail $ 417,000 500,400 Beginning inventory Freight-in Net markups Net markdowns Net sales. Required: 10,400 8,300 644,000 Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided.

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