11. Cloverdale, Inc., uses the conventional retail inventory method to account for inventory. The following information relates to current year's operations:

	Cost			Retail
Beginning inventory and purchases	$	324,000		$	551,000
Net markups					49,000
Net markdowns					39,000
Net sales					518,000

What amount should be reported as cost of goods sold for the year?

a. $299,166.

b $298,715.

c $300,780.

12.

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	$	62,000		$	79,000
Net purchases		170,000			247,000
Net markups					38,000
Net markdowns					51,000
Net sales					236,000

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

Multiple Choice

a. 63.7%.

b. 84.7%.

c. 74.1%.

d. 71.2%.

13.

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	$	44,000		$	70,000
Net purchases		157,000			210,000
Net markups					20,000
Net markdowns					35,000
Net sales					222,000

To the nearest thousand, estimated ending inventory using the conventional retail method is (Do not round intermediate calculations):

Multiple Choice

a. $32,000.

b. $28,000.

c. $34,000.

d, $29,000.

14.

Clarabell Inc. uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:

	Cost			Retail
Beginning inventory	$	107,000		$	203,000
Net purchases		426,000			727,000
Net markups					55,000
Net markdowns					21,000
Net sales					697,000

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

Multiple Choice

a. 61.3%.

b. 54.2%.

c. 89.8%.

d. 54.1%.

15.

Clarabell Inc. uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:

	Cost			Retail
Beginning inventory	$	127,000		$	206,000
Net purchases		432,000			733,000
Net markups					58,000
Net markdowns					24,000
Net sales					700,000

To the nearest thousand, estimated ending inventory using the conventional retail method is: (Do not round intermediate calculations.)

Multiple Choice

a. $153,000.

b. $169,000.

c. $175,000.

d. $133,000.