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Fashion House uses the retail method to estimate ending inventory in its monthly financial statements. The following information is available for the month ended July

Fashion House uses the retail method to estimate ending inventory in its monthly financial statements. The following information is available for the month ended July 31.

Sales 200,000.00

Inventory, July 1 171,000.00 300,000.00

Net purchases 90,000.00 150,000.00

Good available for sale 261,000.00 450,000.00

Determine the cost ratio that should be used in estimating the inventory at July 31.

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