Solution-What amount should be reported as cost of goods

What amount should be reported as cost of goods sold

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Reference no: EM132494248

Question - Prime Beefs, Inc., uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations:

	Cost	Retail
Beginning inventory and purchases	$354,000	$552,000
Net markups		38,000
Net markdowns		28,000
Net sales		496,000

What amount should be reported as cost of goods sold for the year?

A. $312,427.

B. $311,674.

C. $314,400.

D. None of the answer choices above are correct.

Reference no: EM132494248

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What amount should be reported as cost of goods sold

Reference no: EM132494248

Reference no: EM132494248

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