Exercise 9-20 Presented below is information related to Cullumber Company. Cost $ 57,500 113,060 Beginning inventory Purchases (net) Net markups Net markdowns Sales revenue Retail $101,400 190,300 9,852 25,482 178,570 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? CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NEXT Which of the methods in (b) above does the following? (1) Provides the most conservative estimate of ending inventory. Excluding Markdowns but Including Markups (2) Provides an approximation of lower-of-cost-or-market. Excluding Markdowns but Including Markups (3) Is used in the conventional retail method. Excluding Markdowns but Including Markups Compute ending inventory at lower-of-cost-or-market. (Round ratio to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.) 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 $ By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor