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Capital City Corporation uses the conventional retail inventory method to determine its ending inventory at cost. The following information is available for the current year: Cost Retail Beginning Inventory $300,000 $420,000 Purchases $1,450,000 $2,000,000 Net Markups $80,000 Net Markdowns $30,000 Sales $1,900,000 Capital City determines that the cost-to-retail ratio is 70%. What is the ending inventory at cost?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9946786

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