Exercise 9-20 Presented below is information related to Culver Company. Cost $53,460 128,370 Retail Beginning inventory Purchases (net) Net markups Net markdowns Sales revenue $100,800 217,500 10,863 26,515 198,640 Compute the ending inventory at retail. Ending inventory Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal 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. (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 answ Ending inventorys Compute cost of goods sold based on (d). (Round answer to O decimal places, e.g. 6,225.) Cost of goods sold Compute gross margin based on (d). (Round answer to O decimal places, e.g. 6,225.) Gross margin Click if you would like to Show Work for this question: Open Show