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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
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 | $ | 130,000 | $ | 225,000 | ||
| Net purchases | 438,000 | 739,000 | ||||
| Net markups | 62,000 | |||||
| Net markdowns | 27,000 | |||||
| Net sales | 703,000 | |||||
The conventional cost-to-retail percentage (rounded) is:
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Winning Your Audit
Authors: Holmes F. Crouch
1st Edition
0945339151, 978-0945339151
