Tore Company's records reveal the following information regarding its inventory. Beginning inventory was $100,000 at...
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Tore Company's records reveal the following information regarding its inventory. Beginning inventory was $100,000 at cost and 160,000 at retail. Purchases during the year were $300,000 at cost and $500,000 at retail. Markups were $10,000 and markdowns, $20,000. Assuming the conventional retail method is used and net sales were $500,000, ending inventory at retail would be (round the cost-to-retail percentage to two digits after the decimal point)
Multiple choice question.
a) $160,000.
b)$150,000.
c)$170,000.
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