Exercise 9-20 Presented below is information related to Culver Company.

Cost	Retail
Beginning inventory	$55,460	$96,900
Purchases (net)	131,330	199,500
Net markups	11,348
Net markdowns	26,087
Sales revenue	193,700

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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.		%

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

$

$