Question: The following data concerning the conventional retail inventory method are taken from the financial records of ABC Company. Cost Retail Beginning inventory $ 196,000 $

The following data concerning the conventional retail inventory method are taken from the financial records of ABC Company.

Cost Retail

Beginning inventory $ 196,000 $ 280,000

Purchases 896,000 1,280,000

Freight-in 24,000

Net markups 80,000

Net markdowns 56,000

Sales 1,344,000

The ending inventory at retail should be

A) $168,000. B) $296,000. C) $240,000. D) $256,000.

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