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3. Cost Retail Opening inventory $400,000 $785,000 Purchases $650,000 $1,295,000 RTV $7,500 $14,000 Gross sales $957,000 Markdowns $98,000 Customer returns $35,000 Utilize the above figures

3.

Cost

Retail

Opening inventory

$400,000

$785,000

Purchases

$650,000

$1,295,000

RTV

$7,500

$14,000

Gross sales

$957,000

Markdowns

$98,000

Customer returns

$35,000

Utilize the above figures to calculate:

a.The closing book inventory at retail. (1 point)

b.The cumulative markup% of total merchandise handled. (1 point)

c.The cost value of this closing book inventory. (1 point)

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