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What would be the estimated cost of ending inventory

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Question - MADULI Company uses the conservative retail method of inventory valuation. The following information is available for the year ended December 31, 2019.

COST RETAIL

Beginning inventory 1,500,000 2,000,000

Purchases 7,500,000 9,300,000

Net markup 1,200,000

Net markdown 500,000

Sales 10,400,000

Sales return 150,000

Sales discount 250,000

Required - What would be the estimated cost of ending inventory on December 31, 2019?

Reference no: EM132948150

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