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What amount should be reported as cost of goods sold

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Reference no: EM132541100

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

Beginning inventory and purchases COST $308,000

Beginning inventory and purchases RETAIL $510,000

Net markups RETAIL 50,000

Net markdowns RETAIL 40,000

Net sales RETAIL 463,000

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

a. $273,576.

b. $276,650.

c. $274,238.

d. None of these answer choices are correct.

Reference no: EM132541100

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