Exercise 9-20 Presented below is information related to Culver Company.
| Cost |
Retail |
| Beginning inventory |
mce_markernbsp;55,460 |
$96,900 |
| Purchases (net) |
131,330 |
199,500 |
| Net markups |
11,348 |
| Net markdowns |
26,087 |
| Sales revenue |
193,700 |
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Compute the ending inventory at retail.
Ending inventory
Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, e.g. 78.74%)
Cost-to-retail percentage
(1) Excluding both markups and markdowns.
(2) Excluding markups but including markdowns.
(3) Excluding markdowns but including markups.
(4) Including both markdowns and markups.
Compute ending inventory at lower-of-cost-or-market. (Round ratio to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.)
Compute cost of goods sold based on (d). (Round answer to 0 decimal places, e.g. 6,225.)
Compute gross margin based on (d). (Round answer to 0 decimal places, e.g. 6,225.)