ABC company has the following information is available for June 2019: Cost Retail $ 60,000 $ 100,000 Inventory, 1 June Purchases 270,000 350,000 Purchase returns 2,500 1,500 Freight-in 5,500 Net...

ABC company has the following information is available for June 2019:<br>Cost<br>Retail<br>$ 60,000<br>$ 100,000<br>Inventory, 1 June<br>Purchases<br>270,000<br>350,000<br>Purchase returns<br>2,500<br>1,500<br>Freight-in<br>5,500<br>Net markups<br>9,500<br>Net markdowns<br>16,000<br>Sales<br>400,000<br>Sales discount<br>3,500<br>If ABC company uses the cost method to determine its ending inventory at cost. what is the cost to retail ratio?<br>

Extracted text: ABC company has the following information is available for June 2019: Cost Retail $ 60,000 $ 100,000 Inventory, 1 June Purchases 270,000 350,000 Purchase returns 2,500 1,500 Freight-in 5,500 Net markups 9,500 Net markdowns 16,000 Sales 400,000 Sales discount 3,500 If ABC company uses the cost method to determine its ending inventory at cost. what is the cost to retail ratio?

Jun 09, 2022

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ABC company has the following information is available for June 2019: Cost Retail $ 60,000 $ 100,000 Inventory, 1 June Purchases 270,000 350,000 Purchase returns 2,500 1,500 Freight-in 5,500 Net...

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