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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: CostRetailBeginning inventory$114,000$193,000Net purchases406,000707,000Net markups45,000Net

Clarabell Inc. uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:

CostRetailBeginning inventory$114,000$193,000Net purchases406,000707,000Net markups45,000Net markdowns23,000Net sales687,000

The conventional cost-to-retail percentage (rounded) is:

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