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Intermediate 2 - Lifo, Fifo, perpetual method

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A retailer's beginning inventory had a cost of $24,000 and a retail value of $30,000. During the period the retailer purchased merchandise that had a cost $376,000 and a retail value of $470,000. Sales during the period were $450,000 at retail.

The cost-to-retail ratio is _________%

The ending inventory at cost is $___________.

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Solution Summary

This solution helps calculate cost-to-retail ratio and ending inventory at cost.

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Dear student,
Solution is provided in a separate excel file attached as follows.

Calculation of ending inventory at cost ynder Retail method:

Details Cost Retail
Beginning inventory $24,000 ...

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