Question: Ernie Macmillan Inc. uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Beginning inventory Net

Ernie Macmillan Inc. uses the conventional retail method to estimate ending

Ernie Macmillan Inc. uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost Retail $125,000 $204,000 428,000 729,000 50,000 22,000 698,000 What is the conventional cost-to-retail percentage? (Enter your answer as a percentage, rounded to 1 decimal place.) Cost-to-retail percentage %

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