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What amount should be reported as cost of goods sold

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Question - Prime Beefs, 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

$354,000

$552,000

Net markups

 

38,000

Net markdowns

 

28,000

Net sales

 

496,000

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

A. $312,427.

B. $311,674.

C. $314,400.

D. None of the answer choices above are correct.

Reference no: EM132494248

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