Question: OK Super Stores Inc. uses the average cost retail method to estimate its ending inventory. Information at June 30, 2013, is as follows: Cost Retail

OK Super Stores Inc. uses the average cost retail method to estimate its ending inventory. Information at June 30, 2013, 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 OK.

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