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What is the cost of dubious year end inventory

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Reference no: EM132691204

Dubious Co. uses the conventional retail inventory method to account for inventory.  The following information relates to current-year operations:

                                         Cost .         Retail .

Beginning inventory & purchases $672       $920

Net markups                                            40

Net markdowns                                         60

Sales                                                     750

Question 1: How much is the cost to retail ratio?

Question 2: What is the selling price (retail value) of the goods in ending inventory?

Question 3: What is the cost of Dubious' year end inventory?

Question 4: What amount should be reported as cost of goods sold for the year?

Reference no: EM132691204

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