(Answered) Harley inc uses the conventional retail method to estimate

Accounting

Harley Inc. uses the conventional retail method to estimate its ending inventories. The following data has been summarized for December 31, 2016: Cost Retail Inventory, January 1 $208,000 $280,000 Purchases 470,000 610,000 Net markups 15,300 Net markdowns 11,200 Normal spoilage 4,600 Net sales 489,500 Required: Estimate the cost of ending inventory applying the conventional retail method

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