From the following, calculate the cost ratio and the cost of ending inventory to the...
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Accounting
From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent under the retail method. (Round the "cost ratio" to the nearest hundredth percent. Round the "cost of ending inventory" to the nearest cent.)
Net sales at retail for year
$
47,500
Beginning inventorycost
$
34,500
Beginning inventoryretail
$
56,500
Purchasescost
$
15,500
Purchasesretail
$
20,500
Cost
Retail
Beginning inventory
Net purchases
Cost of goods available for sale
Less net sales at retail
Ending inventory at retail
Cost ratio
%
Ending inventory at cost
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