Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:
(cost, retail)
beginning inventory:(46,000; 63,000)
net purchases:(154,000; 215,000)
net markups: (0; 22,000)
net markdowns: (0; 35,000)
net sales: (0; 220,000)
The conventional cost-to-retail percentage (rounded) is:
A. 82.6%.
B. 66.7%.
C. 71.9%.
D. 75.5%.
Answer: B. 66.7%.
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.