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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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