Business, 12.08.2020 20:01 thetulipfox

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 â€”
Net markups â€” 8,500
Net markdowns â€” 10,000
Employee discounts â€” 1,000
Sales revenue â€” 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 Ã· $315,000
b) $222,500 Ã· $305,000
c) $222,500 Ã· $313,500
d) $222,500 Ã· $303,500

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Crane Sales Company uses the retail inventory method to value its merchandise inventory. The followi...

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