Plank Co. uses the retail inventory method. The following information is available for the current...
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Plank Co. uses the retail inventory method. The following information is available for the current year. Cost Retail Beginning inventory $ 300,000 $480,000 Purchases 1,180,000 1,960,000 Freight-in 20,000 Net markups 60,000 Net markdowns 80,000 Sales revenue 1,820,000 Assuming the cost ratio is 60%, the approximate cost of the ending inventory by the conventional retail method is Group of answer choices 360000 408000 312000 372000
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