Plank co. uses the retail inventory method. the following information is available for the current year: cost retailbeginning inventory $ 234,000 $366,000purchases 885,000 1,245,000freight-in 15,000 —employee discounts — 6,000net markups — 45,000net markdowns — 60,000sales revenue — 1,170,000the approximate cost of the ending inventory by the conventional retail method is: a. $287,700.b. $284,760.c. $294,000.d. $307,440.
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Plank co. uses the retail inventory method. the following information is available for the current y...
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