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Requirement 1: GRAND DEPARTMENT STORE, INC. Conventional Retail Method Cost Retail Beginning inventory Plus: Purchases Freight-in Less: Purchase returns Plus: Net markups Cost-to-retail percentage: Less:

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Requirement 1: GRAND DEPARTMENT STORE, INC. Conventional Retail Method Cost Retail Beginning inventory Plus: Purchases Freight-in Less: Purchase returns Plus: Net markups Cost-to-retail percentage: Less: Net markdowns Goods available for sale Less: Normal spoilage Net sales Estimated ending inventory at retail Estimated ending inventory at cost

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