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Portman Inc. uses the conventional retail inventory method. Expressed in millions of dollars,...

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Accounting

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Portman Inc. uses the conventional retail inventory method. Expressed in millions of dollars, information about Portman's 2021 inventory account is expressed in the table below: Cost $ 145 1,340 120 135 Retail $ 270 3,070 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales 295 525 280 150 2,840 What is the value of Portman's inventory at 12/31/2021

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