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Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Cost Retail Beginning
Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:
| Cost | Retail | |||||
| Beginning inventory | $ | 49,000 | $ | 66,000 | ||
| Net purchases | 157,000 | 221,000 | ||||
| Net markups | 25,000 | |||||
| Net markdowns | 38,000 | |||||
| Net sales | 223,000 | |||||
The conventional cost-to-retail percentage (rounded) is:
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Strategic Audits For Continuous Business Improvement
Authors: Parbatee Chang
2nd Edition
1507679483, 978-1507679487
