Solved: What amount should be reported as cost of sales for 2016, Accounting Basics

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What amount should be reported as cost of sales for 2016

Crunch Company uses the conventional retail inventory method to account for inventory. The following information related to 2016 operations:

	Average
	Cost	Retail
Beginning inventory and purchases	$450,000	$690,000
Net markups		30,000
Net markdowns		45,000
Sales		585,000

Required: What amount should be reported as cost of sales for 2016?

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Accounting Basics: What amount should be reported as cost of sales for 2016

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