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

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Clarabell Inc. uses the conventional retail method to estimate ending inventory. Cost date for the most recent quarter is shown below: Beginning inventory Net purchases Net markups Net markdowns Net sales Cont Retail $110,000 $192,000 404,000 705,000 44,000 22,000 686,000 The conventional cost-to-retail percentage (rounded) is

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