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Presented below is information related to CulverCompany.

		Cost		Retail
Beginning inventory		$ 63,190		$103,900
Purchases (net)		117,310		182,500
Net markups				11,288
Net markdowns				26,066
Sales revenue				170,960

Compute the ending inventory at retail.

Ending inventory

$

Compute a cost-to-retail percentage under the followingconditions. (Round ratios to 2 decimal places, e.g.78.74%)

				Cost-to-retail percentage
(1)		Excluding both markups and markdowns.			%
(2)		Excluding markups but including markdowns.			%
(3)		Excluding markdowns but including markups.			%
(4)		Including both markdowns and markups.			%

Which of the methods in (b) above does the following?

(1)		Provides the most conservative estimate of endinginventory.		Excluding BothMarkups and Markdowns.Excluding Markdowns but IncludingMarkupsExcluding Markups but Including MarkdownsIncluding BothMarkdowns and Markups
(2)		Provides an approximation of lower-of-cost-or-market.		Excluding BothMarkups and Markdowns.Excluding Markdowns but IncludingMarkupsExcluding Markups but Including MarkdownsIncluding BothMarkdowns and Markups
(3)		Is used in the conventional retail method.

Compute ending inventory at lower-of-cost-or-market.(Round ratio to 2 decimal places, e.g. 78.74% and finalanswer to 0 decimal places, e.g. 6,225.)

Ending inventory

$

Compute cost of goods sold based on (d). (Roundanswer to 0 decimal places, e.g. 6,225.)

Cost of goods sold

$

Compute gross margin based on (d). (Round answer to0 decimal places, e.g. 6,225.)

Gross margin

$