Compute the cost to retail percentage

Reference no: EM13123507

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.

Reference no: EM13123507

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