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Use the following information from Electric Grill Inc. to answer the question 2021 Account Cost Retail Inv, Jan 1 $ 45,000 $97,000 Purchases 104,000 245,000
Use the following information from Electric Grill Inc. to answer the question
|
| 2021 | |
| Account | Cost | Retail |
| Inv, Jan 1 | $ 45,000 | $97,000 |
| Purchases | 104,000 | 245,000 |
| Freight In | 6,000 |
|
| Freight out | 3,400 |
|
| Markups, net |
| 2,000 |
| Markdowns, net |
| 9,000 |
| Net Sales |
| 100,000 |
| Employee Discounts |
| 2,000 |
| Normal Shortage |
| 1,500 |
|
|
|
|
- Using the LIFO Retail Method, what is the Cost-to-Retail Ratio for 2021?
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