Question
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 Conventional Method, what is the Cost-to-Retail Ratio for 2021?
Round to the nearly whole percentage. Please show work and do not post answer on paper.
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Forensic And Investigative Accounting
Authors: D. Larry Crumbley, Lester E. Heitger, G. Stevenson Smith
7th Edition
0808040731, 9780808040736
