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Determine the retail book inventory for the period

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Reference no: EM132922488

Problem - The following figures are from a small boutique, which has a 54% markup:

Opening book inventory at retail $16,000

Net sales $6,000

Markdowns $2,000

Purchases (retail) $40,000

a. Determine the retail book inventory for the period.

b. Convert the closing retail book inventory figure to the cost value.

Reference no: EM132922488

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