Crane Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year:
Cost Retail
Beginning inventory $ 30,000 $ 45,000
Purchases 190,000 260,000
Freight-in 2,500 β
Net markups β 8,500
Net markdowns β 10,000
Employee discounts β 1,000
Sales revenue β 205,000
If the ending inventory is to be valued at the lower-of-cost-or-market, what is the cost-to-retail ratio?
a) $220,000 Γ· $315,000
b) $222,500 Γ· $305,000
c) $222,500 Γ· $313,500
d) $222,500 Γ· $303,500
Answers: 1
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Crane Sales Company uses the retail inventory method to value its merchandise inventory. The followi...
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