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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 | $ | 122,000 | $ | 201,000 | ||
| Net purchases | 422,000 | 723,000 | ||||
| Net markups | 53,000 | |||||
| Net markdowns | 31,000 | |||||
| Net sales | 695,000 | |||||
The conventional cost-to-retail percentage (rounded) is:
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