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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 $57,000 $74,000 Net purchases 165,000 237,000 Net markups 33,000 Net markdowns 46,000 Net sales 231,000 The conventional cost-to-retail percentage (rounded) is:

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