Question: Please help Tesla Co. apply the conventional retail method. Below is necessary data to estimate its ending inventory. Cost Retail Beginning inventory $ 60,000 $

Please help Tesla Co. apply the conventional retail method. Below is necessary data to estimate its ending inventory.

Cost Retail
Beginning inventory $ 60,000 $ 77,000
Net purchases 168,000 243,000
Net markups 36,000
Net markdowns 49,000
Net sales 234,000

What conventional cost-to-retail ratio percentage (rounded) should Tesla Co. use:

  • 84.4%.

  • 64.0%.

  • 71.3%.

  • 74.3%.

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