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Question - Retail Inventory Method
Presented below is information related to Kuchinsky Company.
Cost
Retail
Beginning inventory
$244,000
$341,600
Purchases
1,677,500
2,610,800
Markups
115,900
Markup cancellations
18,300
Markdowns
42,700
Markdown cancellations
6,100
Sales
2,684,000
Compute the inventory by the conventional retail inventory method.
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