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Discuss retail inventory method to account for inventory

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Reference no: EM131820177

Cloverdale, Inc., uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations:

Cost Retail
     
  Beginning inventory and purchases $360,000   $522,500  
  Net markups   40,000  
  Net markdowns   30,000  
  Net sales   500,000  

What amount should be reported as cost of goods sold for the year?

Reference no: EM131820177

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