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Use the following information for the two questions below. Manny Corporation(aka theCompany) uses the conventional retail inventory method. COST RETAIL Inv. Beginning YR $28,900 $40,000

Use the following information for the two questions below. Manny Corporation(aka theCompany) uses the conventional retail inventory method.

COST RETAIL

Inv. Beginning YR $28,900 $40,000

Purchases 400,000 610,000

Purchase Returns 9,000 20,000

Purchase Discounts 7,000

Sales(Gross) 605,000

Sales Returns 15,000

Freight-in 23,500

Freight-out 50,000

Loss from Spoilage& Theft 7,500

Markups 38,000

Markup Cancellations 18,000

Markdowns 13,500

Markdown Cancellations 8,500

What is the thecost-to-retail ratio for theCompany?

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