*Exercise 9-20 Presented below is information related to Flint Company Cost $53,710 128,270 Retail Beginning inventory Purchases (net) Net markups Net markdowns Sales revenue $107,600 189,900 10,147 24,575 197,550 Compute the ending inventory at retail Ending inventory Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, eg, 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 (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, eg. 6,225.) Ending inventory s Compute cost of goods sold based on (d). (Round answer to 0 decimal places, e.g. 6,225.) Cost of goods sold s Compute gross margin based on (d). (Round answer to 0 decimal places, e.g. 6,225.) Gross margin $