Cloverdale, Inc., uses the conventional retail inventory method to account for inventory. The following information...
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Accounting
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 | $ | 312,000 | $ | 553,000 | ||
| Net markups | 47,000 | |||||
| Net markdowns | 37,000 | |||||
| Net sales | 514,000 | |||||
What amount should be reported as cost of goods sold for the year?
Multiple Choice
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$284,354.
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$284,845.
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None of these answer choices are correct.
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$286,520.
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