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At December 31, 2023, the following information was available from Cullumber Corp.'s accounting records: Cost Retail Inventory, Jan 1 $148252 $206200 Purchases 764000 1166000 Available
At December 31, 2023, the following information was available from Cullumber Corp.'s accounting records: Cost Retail Inventory, Jan 1 $148252 $206200 Purchases 764000 1166000 Available for sale $912252 $1372200 Sales for the year totalled $1.2 million. Additional mark-ups were $40000 and markdowns amounted to $30000. Calculate the cost-to-retail ratio. 63.1% 64.6% 66.0% 71.9%
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Accounting Costing And Management
Authors: Riad Izhar, Janet Hontoir
2nd Edition
9780198328230
