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Question - Arrow Corporation uses the conventional retail inventory method to value its merchandise inventory. The following information is available for the current year:
Cost
Retail
Beginning Inventory
$30,000
$50,000
Purchases
$180,000
$250,000
Freight-In
$2,500
----
Net Markups
$8,500
Net Markdowns
$10,000
Employee Discounts
$1,000
Sales
$205,000
What is the cost to retail ratio?
68.88%
68.07%
70.35%
70.83%
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