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What is the cost of goods sold

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Reference no: EM132794926

Question - Information about inventory for Talmart Company is as follows:

Cost Retail

Beg. Inventory (1/1/2020) $50,000 $80,000

Net purchases $320,000 $450,000

Net markups 25,000

Net markdowns 10,000

Net sales 400,000

Talmart uses the conventional retail method. What is the cost of goods sold for 2020?

A. $298,245

B. $292,982

C. $300,000

D. None of the other options are correct.

Reference no: EM132794926

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