Question: DK Super Stores Inc. uses the average cost retail method to estimate its ending inventory. Information at June 30, 2011, is as follows: COST RETAIL

DK Super Stores Inc. uses the average cost retail method to estimate its ending inventory. Information at June 30, 2011, is as follows:

COST RETAIL
Beginning inventory $105,000
Net Purchases $375,000
Net Sales $380,000
Ending Inventory $64,000

Required: Compute the cost-to-retail percentage used by DK.

If possible- it would be so helpful if you can please show your work! Thanks so much!

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