Question: Dicer uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $260,000 ($396,000), purchases during

Dicer uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $260,000 ($396,000), purchases during the current year at cost (retail) were $1,370,000 (2,200,000), freight-in on these purchases totaled $86,000, sales during the current year totaled $2,000,000, and net markups (markdowns) were $48,000 ($72,000). Using this information find:

What is goods available for sale at cost? a. $1,370,000 b. $1,630,000 c. $1,544,000 d. $1,716,000

What is goods available for sale at retail before markdowns? a. $2,644,000 b. $2,596,000 c. $2,510,000 d. $1,716,000

What is the cost to retail ratio? a. 0.649 b. 1.54 c. 0.58 d. 1.71

What is the ending inventory value at retail? a. $371,228 b. $378,092 c. $386,804 d. $572,000

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