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Exercise 9-20 Presented below is information related to Pronghorn Company. Cost Retail Beginning inventory $ 56,640 $99,900 Purchases (net) 111,250 216,800 Net markups 10,119 Net markdowns 24,768 Sales revenue 173,490 Compute the ending inventory at retail. Ending inventory $ LINK TO TEXT Compute a cost-toretail percentage under the following conditions. (Round ratios to 2 decimal places, (5.9. 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-ofcostor-market. | | (3) 15 used in the conventional retail method. | | | LINK To TEXT | Compute ending inventory at lower-of-cost-or-market. (Round ratio to 2 decimal places, e.g. 78.74% and nal answer to 0 decimal places, e.g. 6,225.) Ending inventory $|:' | LINK To TEXT | Compute cost of goods sold based on (d). (Round answer to 0 decimal places, e.g. 6,225.) Cost of goods sold $|:] | LINK To TEXT | Compute gross margin based on (d). (Round answer to 0 decimal places, e.g. 6,225.) l LINK To TEXT l