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To produce an inventory valuation which approximates the lower of cost or market using the conventional retail inventory method, the computation of the ratio of
To produce an inventory valuation which approximates the lower of cost or market using the conventional retail inventory method, the computation of the ratio of cost to retail should:a) include markups but not markdowns b) include markups and markdowns c) ignore both markups and markdowns d) include markdowns but not markups What is the correct answer ?
a) include markups but not markdowns
b) include markups and markdowns
c) ignore both markups and markdowns
d) include markdowns but not markups
What is the correct answer ?
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