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Use the following information from Electric Grill Inc. to answer the question ...

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Question

Accounting

Use the following information from Electric Grill Inc. to answer the question

2021

Account

Cost

Retail

Inv, Jan 1

$ 45,000

$97,000

Purchases

104,000

245,000

Freight In

6,000

Freight out

3,400

Markups, net

2,000

Markdowns, net

9,000

Net Sales

100,000

Employee Discounts

2,000

Normal Shortage

1,500

  1. Using the LIFO Retail Method, what is the Cost-to-Retail Ratio for 2021?

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