From the following, calculate the cost ratio and the cost of ending inventory to the...
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Accounting
From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent under the retail method. (Round the "cost ratio" to the nearest hundredth percent. Round the "cost of ending inventory" to the nearest cent.)
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| Net sales at retail for year | $ | 47,500 |
| Beginning inventorycost | $ | 34,500 |
| Beginning inventoryretail | $ | 56,500 |
| Purchasescost | $ | 15,500 |
| Purchasesretail | $ | 20,500 |
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