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12. The following figures are from a small boutique, which has a 54% markup: Opening book inventory at retail $16,000 Net sales $6,000 Markdowns $2,000

12. The following figures are from a small boutique, which has a 54% markup:

Opening book inventory at retail $16,000

Net sales $6,000

Markdowns $2,000

Purchases (retail) $40,000

a. Determine the closing book inventory at retail for the period. (10 points)

b. Convert the closing retail book inventory figure to the cost value. (4 points)

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