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What is the cost-to-retail ratio

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Reference no: EM132755179

Question - Pharoah Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available for the current year:

Cost Retail

Beginning inventory $22000 $37000

Purchases 110000 180000

Freight-in 1700 -

Net markups - 7700

Net markdowns - 6000

Employee discounts - 1000

Sales revenue - 125000

If the ending inventory is to be valued at the lower-of-cost-or-market, what is the cost-to-retail ratio?

Reference no: EM132755179

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