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21-10-2022
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colonial corporation uses the retail method to value its inventory. the following information is available for the year: costretail beginning inventory$ 310,000$ 292,000 purchases741,000936,000 freight-in20,000 net markups 32,000 net markdowns 5,200 net sales 920,000 required: determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided.

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