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New york sales inc uses the convention retail method to

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:

Cost Retail

Inventory, Jan 1 160,000

Purchases 538,000

Net Markups 12,000

Net Markdowns 9,100

Net Sales 582,000

Inventory, Dec 31 77,285

Compute the cost to retail percentage used by New York Sales Inc.

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Accounting Basics: New york sales inc uses the convention retail method to

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