Portman Inc uses the conventional retail inventory method Expressed in millions of dollars, information about Portman's 2016 inventory account is expressed in the table below Cost Retail Beginning inventory $55 $90 Purchases 1,160 2,170 Freight in 30 Purchase returns 45 115 Net markups 255 Net markdowns 100 Normal spoilage 60 Net sales 1,940 What is the value of Portman's inventory at 12 31 16

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Question: Portman Inc. uses the conventional retail inventory method. Expressed in millions of dollars, information about Portman's 2016 inventory account is expressed in the table below:

Portman Inc. uses the conventional retail inventory method. Expressed in millions of dollars, information about Portman's 2016 inventory account is expressed in the table below:

	Cost	Retail
Beginning inventory	$55	$90
Purchases	1,160	2,170
Freight-in	30
Purchase returns	45	115
Net markups		255
Net markdowns		100
Normal spoilage		60
Net sales		1,940

What is the value of Portman's inventory at 12/31/16?

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