Exercise 9-20 Presented below is information related to Blossom Company Cost Retail Beginning inventory Purchases (net) Net markups Net markdowns Sales revenue $95,900 185,900 11,355 25,970 195,710 62,850 115,340 Compute the ending inventory at retail. Ending inventory Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, e.g. 78.74%) Cost-to-retail percentage (1) Excluding both markups and markdowns. (2) Excluding markups but including markdowns (3) Excluding markdowns but including markups (4) Including both markdowns and markups. Which of the methods in (b) above does the following? (1) Provides the most conservative estimate of ending inventory. Excluding Markdowns but (2) Provides an approximation of lower-of-cost-or-market. (3) Is used in the conventional retail method Compute ending inventory at lower-of-cost-or-market. (Round ratio to 2 decimal places, eg. 78.74% and final answer to 0 decimal places, e.g. 6,225.) Excluding Markdowns but Excluding Markdowns but Ending inventory Compute cost of goods sold based on (d). (Round answer to 0 decimal places, e.g. 6,225) Cost of goods sold Compute gross margin based on (d). (Round answer to 0 decimal places, e.g. 6,225.) Gross margin