9-20

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Presented below is information related to Sarasota Company. Beginning inventory Purchases (net) Net markups Cost Retail $ 55,350 134,190 $105,100 199,600 9,339 Net markdowns 25,842 Sales revenue 192,900 Compute the ending inventory at retail. $ Ending inventory Compute a cost-to-retail percentage under the following conditions. (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 ending inventory. (2) Provides an approximation of lower-of-cost-ormarket. (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 final answer to 0 decimal places, e.g. 6,225.) $ Ending inventory Compute cost of goods sold based on (d). (Round answer to 0 decimal places, e.g. 6,225.) $ Cost of goods sold Compute gross margin based on (d). (Round answer to 0 decimal places, e.g. 6,225.) $ Gross margin Don't show me this message again for the assignment