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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: Beginning inventory

Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Beginning inventory Cost Retail $ 55,000 $72,000 Net purchases Net markups Net markdowns Net sales 163,000 233,000 31,000 44,000 229,000 The conventional cost-to-retail percentage (rounded) is:

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