Compute the cost to retail percentage used by new york, Ask an Expert

Accounting

New York Sales Inc. uses the convention retail method to estimate its ending inventories. The following data has been summarized for Dec 31, 2009:

Cost Retail
Inventory, Jan 1 160,000
Purchases 538,000
Net Markups 12,000
Net Markdowns 9,100
Net Sales 582,000
Inventory, Dec 31 77,285

Compute the cost to retail percentage used by New York Sales Inc.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M951061

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