Big Baskets Company uses the retail inventory method to value its merchandise inventory. The following...
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Accounting
Big Baskets Company uses the retail inventory method to value its merchandise inventory. The following information is Cost Retail Beginning inventory $30,000 $50,000 Net Purchases 175,000 available for the current year: 240,000 Net markups 8,500 Net markdowns 9,800 Net Sales 205,000 If Big Baskets Company values inventory using the conventional retail method, what is the reported amount for cost of goods sold for the current year (round ratio to the nearest hundredth of a percent)? $57.485 $113,606 $147.515 $61,394
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