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Business, 07.03.2020 04:10 jovonjones1234

Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:

Cost Retail
Beginning inventory $ 49,000 $ 66,000
Net purchases 157,000 221,000
Net markups 25,000
Net markdowns 38,000
Net sales 223,000

The conventional cost-to-retail percentage (rounded) is:

a. 83.1%

b. 66.0%

c. 71.8%

d. 75.2%

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Answers: 2

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