Exercise 9-14 (Algo) Conventional retail method [LO9-4] Colonial Corporation uses the retail method to value its...

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Exercise 9-14 (Algo) Conventional retail method [LO9-4] Colonial Corporation uses the retail method to value its inventory. The following information is available for the year Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Required: Cost $370,000 726,000 26,000 Retail $298,000 984,000 38,000 5,800 980,000 Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a Exercise 9-14 (Algo) Conventional retail method [LO9-4] Colonial Corporation uses the retail method to value its inventory. The following information is available for the year Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Required: Cost $370,000 726,000 26,000 Retail $298,000 984,000 38,000 5,800 980,000 Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a