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 Net markups Net markdowns Net sales Cost Retail $324,000 $551,000 49,000 39,000 518,000 What amount should be reported as cost of goods sold for the year? Multiple Choice $299,166. None of these answer choices are correct. $298,715. $300,780. Mogul Company ships merchandise to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attempt to sell the merchandise, and in return, Mogul will pay to Ski Outfit a commission of 10% of the selling price on any merchandise sold. During the year, Mogul ships inventory with a cost of $91,000 to Ski Outfit and pays shipping costs of $15,700. By the end of the year, $71,000 of the merchandise has been sold to customers for a total of $96,000. Mogul allocates $11,500 of the shipping costs to inventory sold and the other $4,200 to inventory not sold. Mogul also paid advertising costs during the year of $15,500. What amount of inventory will Mogul report at year end? Multiple Choice $59,700. O $24,200 $20,000. $44,200. Mogul Company ships merchandise to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attempt to sell the merchandise, and in return, Mogul will pay to Ski Outfit a 25% sales commission on any merchandise sold. During the year, Mogul ships inventory with a cost of $120,000 to Ski Outfit. By the end of the year, $92,000 of the merchandise has been sold to customers for a total of $126,600. What amount of inventory will Mogul report at year end? Multiple Choice $30,000. $0. $28,000. $6.600