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Question - Panem Co. uses the conventional retail inventory method to estimate their ending inventory. The following information is available for the current year.
Cost
Retail
Beginning inventory
$ 312,000
$488,000
Purchases
1,180,000
1,660,000
Freight-in
20,000
-
Employee discounts
8,000
Net markups
60,000
Net markdowns
100,000
Sales revenue
1,560,000
Required - Provide the ending inventory at cost valuation by using the "conventional" retail inventory method (round to 4 decimal places in calculating the cost/retail ratio).
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If the ending inventory is to be valued at the lower-of-cost-or-market, what is the cost-to-retail ratio
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