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Net sales
At cost
At retail
$715,000
Beginning inventory
$ 70,000
143,000
Purchases
365,000
745,000
Purchase returns
22,000
43,000
Additional markups
24,000
Markup cancellations
5,000
Markdowns
11,000
Markdown cancellations
3,000
Question 1: What amount should Rocketfire report on its financial statements as ending inventory estimated using the retail method? Round your cost ratio calculation to four decimal places, for example, 24.76%.
a) $59,634
b) $67,398
c) $68,033
d) $88,246
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