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Which application of the retail inventory method is company

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Reference no: EM132381996

Question

A company has the following information for the current year's operations:

Cost RetailBeginning inventory$40,000 $60,000 Purchases 400,000 660,000 Net markups 50,000 Net markdowns 10,000 Net sales 580,000

Management calculates the cost-to-retail percentage as 57.9%, equal to cost of $440,000 ($40,000 + $400,000) divided by retail of $760,000 ($60,000 + $660,000 + $50,000 - $10,000).

Which application of the retail inventory method is the company using?

Reference no: EM132381996

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