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QUESTION
New York Sales Inc. uses the convention retail method to estimate its ending inventories. The following data has been summarized for Dec 31, 2009:
New York Sales Inc. uses the convention retail method to estimate its ending inventories. The following data has been summarized for Dec 31, 2009:Retail160,000 538,000 12,0009,100582,00077,285 Compute the cost to retail percentage used by New York Sales Inc.
Ending inventory at Retail = Goods Available at Retail + Net Mark ups - Net Markdowns - Net sales at RetailEnding Inventory (at cost) = Ending Inventory (at Retail) X Cost to Retail RatioThus,...