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Use the following information from Dell Enterprise to answer the questions. 2010 Account Cost Retail Inv, Jan 1 $ 10,000 21,000 Purchases 19,000 34,000 Freight
- Use the following information from Dell Enterprise to answer the questions.
| 2010 | |
Account | Cost | Retail |
Inv, Jan 1 | $ 10,000 | 21,000 |
Purchases | 19,000 | 34,000 |
Freight In | 1,000 |
|
Net Markups |
| 6,700 |
Net Markdowns |
| 5,100 |
Net Sales |
| 23,000 |
Employee Discounts |
| 4,000 |
Normal Shortage |
| 500 |
|
|
|
- Using the Conventional Method, what is the Cost-to-Retail Ratio for 2010? Round to the nearly whole percentage.
- Using the Conventional Method, what is the ending inventory valued at Cost for 2010?
- Using the LIFO Retail Method, what is the Cost-to-Retail Ratio for 2010?
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