Artemis inc. began the year with $260,000 inventory at cost which had a retail value of $396,000. during the year purchases were made at a cost of $1,370,000 which would be $2,200,000 retail and the freight-in on these purchases totaled $86,000. sales during the current year totaled $2,000,000 with net markups of $48,000 and markdowns of $72,000.
what is the ending inventory value at cost under the conventional retail method?
a. $371,228.
b. $378,092.
c. $386,804.
d. $572,000.
Answers: 2
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Artemis inc. began the year with $260,000 inventory at cost which had a retail value of $396,000. du...
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