Solution-What amount should be reported as cost of goods

What amount should be reported as cost of goods sold

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Question - 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 $324,000 $551,000

Net markups 49,000

Net markdowns 39,000

Net sales 518,000

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

Reference no: EM132955024

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What amount should be reported as cost of goods sold

Reference no: EM132955024

Reference no: EM132955024

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