1. The following data concerning the retail inventory method are taken from the financial records of Welch Company. Beginning inventory Cost $ 49,000 Retail $ 70,000 Purchases Freight-in 224,000 6,000 320,000 Net markups Net markdowns Sales 20,000 14,000 336,000 If the ending inventory is to be valued at approximately the lower-of-cost-or-net realizable value, the calculation of the cost to retail ratio should be based on goods available for sale at (1) cost and (2) retail, respectively of a. $279,000 and $410,000. b. $279,000 and $396,000. c. $279,000 and $390,000. d. $273,000 and $390,000. Is Spee 211 116 ST Co ww SEND HIND B 34 Intuy INT STOWEE www.ta THE " BAL 45 O HAD Copy Oxe Setter f A