Q29

Cloverdale, Inc., uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations:

	Cost			Retail
Beginning inventory and purchases	$	336,000		$	484,000
Net markups					41,000
Net markdowns					31,000
Net sales					426,000

What amount should be reported as cost of goods sold for the year?

Multiple Choice

• None of these answer choices are correct.

• $288,793.

• $289,749.

• $292,480.