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Orioleuses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $393000($597000), purchases during the current
Orioleuses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $393000($597000), purchases during the current year at cost (retail) were $2115000($3360000), freight-in on these purchases totaled $132000, sales during the current year totaled $3060000, and net markups (markdowns) were $75000($111000). What is the ending inventory value at cost?
a. $587535.
b. $861000.
c. $563955.
d. $650415.
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