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Crane Sales Company uses the retail inventory method to valueits merchandise inventory. The following information...

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Accounting

Crane Sales Company uses the retail inventory method to valueits merchandise inventory. The following information is available for the current year:CostRetailBeginning inventory$ 30,000$ 45,000Purchases190,000260,000Freight-in2,500Net markups8,500Net markdowns10,000Employee discounts1,000Sales revenue205,000Answer the following questions first assuming that ending inventory is valued at the lower-of-cost-or-market and second at the cost-method. [Note the differences between conventional retail versus the cost method.](i)what is the cost-to-retail ratio(round to no decimals)?(ii)What is the ending inventory at retail?(iii)What is the ending inventory at LCM?

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