Question
Please help Tesla Co. apply the conventional retail method. Below is necessary data to estimate its ending inventory. Cost Retail Beginning inventory $ 60,000 $
Please help Tesla Co. apply the conventional retail method. Below is necessary data to estimate its ending inventory.
| Cost | Retail | |||||
| Beginning inventory | $ | 60,000 | $ | 77,000 | ||
| Net purchases | 168,000 | 243,000 | ||||
| Net markups | 36,000 | |||||
| Net markdowns | 49,000 | |||||
| Net sales | 234,000 | |||||
What conventional cost-to-retail ratio percentage (rounded) should Tesla Co. use:
-
84.4%.
-
64.0%.
-
71.3%.
-
74.3%.
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Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
14th Edition
1260247821, 978-1260247824
