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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