Presented below is information related to Martinez Company. Cost Retail Beginning inventory $362,797 $286,000 Purchases 1,370,000...

Presented below is information related to Martinez Company.

	Cost	Retail
Beginning inventory	$362,797	$286,000
Purchases	1,370,000	2,145,000
Markups		95,100
Markup cancellations		14,800
Markdowns		32,900
Markdown cancellations		5,100
Sales revenue		2,193,000

Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Expert Solution

ekkarill92 answered 2 years ago

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