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Amy's Art Shop kept all inventory and sales records on the basis of retail prices....

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Accounting

Amy's Art Shop kept all inventory and sales records on the basis of retail prices. It recorded purchases at cost and marked up its merchandise at 159% of cost. On January 1, its inventory of art was $277,000. During the year, its purchases were $292,000 and net sales were $796,000. What was its ending inventory?

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