New York Sales Inc. uses the conventional retail method to estimate its ending inventories. The following...
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New York Sales Inc. uses the conventional retail method to estimate its ending inventories. The following data has been summarized for December 31, 2021: Cost Retail Inventory, January 1 $160,000 Purchases 538,000 Net markups 12,000 Net markdowns 9,100 Net sales 582,000 Inventory, Dec. 31 $77,285 Required: Compute the cost-to-retail percentage used by New York Sales Inc. (Round "Cost-to-retail percentage" to the nearest whole percent.) Cost-to-retail percentage % New York Sales Inc. uses the conventional retail method to estimate its ending inventories. The following data has been summarized for December 31, 2021: Cost Retail Inventory, January 1 $160,000 Purchases 538,000 Net markups 12,000 Net markdowns 9,100 Net sales 582,000 Inventory, Dec. 31 $77,285 Required: Compute the cost-to-retail percentage used by New York Sales Inc. (Round "Cost-to-retail percentage" to the nearest whole percent.) Cost-to-retail percentage %
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Solution Requirements Compute the costtoretail perc... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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