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Question - Presented below is information related to Sheffield Company.
Cost
Retail
Beginning inventory
$150,815
$283,000
Purchases
1,369,000
2,130,000
Markups
93,200
Markup cancellations
14,700
Markdowns
35,900
Markdown cancellations
4,900
Sales revenue
2,186,000
Compute the inventory by the conventional retail inventory method.
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