Question 24 (2 points) Crane Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year: Cost Retail Beginning inventory $30,000 $45,000 Purchases 175,000 240,000 Freight-in 2,500 Net markups 8,500 Net markdowns 10,000 Employee discounts 1,000 Sales revenue 205,000 If the ending inventory is to be valued at the lower-of-cost-or-market, what is the cost-to-retail ratio? $205,000 = $295,000 $207,500 = $283,500 $207,500 = $285,000 $207,500 - $293,500