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 $ 51,000 $ 68,000

Net purchases 159,000 225,000

Net markups 27,000

Net markdowns 40,000

Net sales 225,000

The conventional cost-to-retail percentage (rounded) is:

Multiple Choice

65.6%.

71.7%.

83.3%.

75.0%.