Raleigh Department Store uses the conventional retail method for the year ended December 31,2022. Available...

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Accounting

Raleigh Department Store uses the conventional retail method for the year ended December 31,2022. Available information follows:
a. The inventory at January 1,2022, had a retail value of $49,000 and a cost of $34,380 based on the conventional retail method.
b. Transactions during 2022 were as follows:
\table[[Gross purchases,Cost,Retail],[Purchase returns,$323,040,$530,000
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