The Wallace Weed Corporation provided the following data related to its inventory at the end of the current year:

Required

a. What is Wallace Weed's ending inventory and cost of goods sold under the conventional retail method? Round percentages to two decimal places.

b. What is the cost to retail ratio under the basic retail method.

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Description Cost Retail Beginning inventory $18,700 $38,000 99.400 142,000 Purchases Addit onal markups 12,000 Markup cancellations 4.000 Markdowns 17,800 Markdown cancellat ons 7,600 Sales 158,000