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Under the cost retail inventory method, the computation of the cost to retail ratio should a. Include both net markups and net markdowns c. Include net markups but not net markdowns b. Ignore both net markups and net markdowns d. Include net markdowns but not net markups which of the following is a correct journal entry to record the receipt of a note by a lender when the principal of the note is exist400 and the price of the note is exist320 (i.e. discount not)? 7- in a period of inflation, which inventory cost flow assumption tends to report the lowest income tax? a. FIFO b. LIFO c. Average cost d. both FIFO and LIFO Quest Co. applies the lower-of-cost-or-market (LCM) rule to value one of its products H. related information is as follows: Cost of H is exist40: estimated selling price for H is exist50: estimated selling expense for H is exist8: the replacement cost for H is exist44: and the normal profit for H is exist16. What amount of ending inventory should be reported for product H under the LCM rule? a. exist26 b. exist44 c. exist42 d. exist40