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These questions are about Chapter 6 Inventories in Financial Accounting Does retail inventory method mean value of inventory to cost? If not, explain What does

These questions are about Chapter 6 Inventories in Financial Accounting

  1. Does retail inventory method mean value of inventory to cost? If not, explain
  2. What does ratio of cost to retail price 62% means what? Does 62% mean the how much cost it takes to sell the item?

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