Presented below is information related to Pronghorn Company.

Cost Retail Beginning inventory $ 54,510 $96,300 Purchases (net) 122,230 194,700 Net markups 9,740 Net markdowns 25,731 Sales revenue 203,890

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. %

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. (Answers included in drop-down boxes: Excluding both markups and markdowns, excluding markdowns but including markups, excluding markups but including markdowns & 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 $