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Gardens Co. uses the conventional retail method to estimate ending inventories. The following data has...

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Accounting

Gardens Co. uses the conventional retail method to estimate ending inventories. The following data has been summarized for year ended December 31, 2015:

Cost Retail

Beg. Inventory (1/1/2015) 75,000 120,000

Net purchases 400,000 700,000

Net markups 15,000

Net markdowns 17,000

Net sales 650,000

Determine the ending inventory and cost of goods sold for the year of 2015.

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