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Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases were $120,000 at cost and $170,000 at retail. Net markups were $10,000, net markdowns were $7,000, and sales revenue was $147,000. Compute ending inventory at cost using the conventional retail method.
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Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases were $120...
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