QUESTION 21 The cost ratio in the retail method is found by the cost of goods available for sale at cost divided by: O Net sales Ending inventory at retail O Cost of goods available for sale at retail O Net purchases at cost QUESTION 22 Inventory turnover at retail is equal to net sales divided by: O Beginning inventory at retail O Average inventory at retail O Beginning inventory at cost Average inventory at cost QUESTION 23 The Labor Fair Standards Act: Sets minimum wage standards O Is a federal act O May exempt certain workers O All of these QUESTION 24 The percentage method aids in calculating: O SUTA O FUTA O FICA O FIT