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Using the details below.compute for the cost of goods sold using the average cost retail Retail 640,000 7,300,000 Cost 340,000 4,500,000 100,000 150,000 90,000 100,000 Beginning inventory Purchases Freight in Purchase return Purchase allowance Departmental transfer in Net markup Net markdown Sales Sales allowance Employee discount Spoilage and breakage 250,000 160,000 150,000 500,000 6,600,000 50,000 100,000 200,000 Your answer Compute for the cost of ending inventory using FIFO retail method. The following information is available for the current year: Cost Retail Beginning inventory 650,000 1,200,000 Purchases 9,000,000 14,700,000 Freight in 200,000 Purchase returns 300,000 500,000 Purchase allowances 150,000 Departmental transfer in 200,000 300,000 Net markup 300,000 Net markdown 1,000,000 Sales 9,500,000 Sales discounts 100,000 Employee discounts 500,000 Estimated normal shoplifting losses 600,000 Estimated normal shrinkage 400,000