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The records of Renault Corporation showed that sales during the period were $276,000, Opening inventory amounted to $26,000 at cost, Purchases were $90,000 at cost. The company paid $4,000 for transportation-in. Mark-up on all items sold is 300%.
Required:
- Calculate:
- Cost of goods available for sale at retail
- Cost of goods sold at retail
- Ending inventory at retail
- Ending inventory at cost
- Cost of goods sold at cost
- Gross profit at cost.
- Demonstrate that your results maintain a 300% mark-up.
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