Question: Using the retail inventory method, when is the cost-retail ratio based only on the cost and retail amounts in beginning inventory? A. When FIFO is

Using the retail inventory method, when is the cost-retail ratio based only on the cost and retail amounts in beginning inventory?

A. When FIFO is used and sales are less than purchases at retail.

B. When FIFO is used and sales exceed purchases at retail.

C. When LIFO is used and sales exceed purchases at retail.

D. When LIFO is used and sales are less than purchases at retail.

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