Question: 7. The Hoff Super Store uses the average cost retail inventory method to determine its ending inventory. The accounting records for the current year for

7. The Hoff Super Store uses the average cost retail inventory

7. The Hoff Super Store uses the average cost retail inventory method to determine its ending inventory. The accounting records for the current year for the Hoff Super Store contained the following information: Cost Retail Beginning inventory $18,600 S24,500 Purchases 59,500 84,000 Sales 95,000 Net markups 5,167 Net markdowns 2,067 In addition, the accounting records for Hoff Super Store disclosed that freight-in charges were $6,700. What is the cost-to-retail percentage to be used for ending inventory calculations

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