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Snacks and Things had a closing physical inventory of $55,699. Snack and Things needs to place a cost value on this inventory. The beginning inventory
Snacks and Things had a closing physical inventory of $55,699. Snack and Things needs to place a cost value on this inventory. The beginning inventory had a retail value of $43,834 and a cost valuation of $20,388. Purchases for the year totaled $334,511 at retail and $178,399 at cost. What should the closing inventory be valued at cost?
$198,787
$29,264
$55,699
$20,388
None off the above
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