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Question 4 Sunshine Snacks uses the conventional retail inventory method to estimate its inventory cost....

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Question 4 Sunshine Snacks uses the conventional retail inventory method to estimate its inventory cost. Presented below is the relevant inventory information for the year to December 31, 2019. Cost Retail Inventory (January 1, 2019) $375,000 $ 550,000 Purchases 1,369,000 2,050,000 Purchase returns 90,000 120,000 Purchase discounts 27,000 Gross sales (after employee discounts) 2,110,000 Sales returns 145,000 Markups 180,000 Markup cancellations 60,000 Markdowns 65,000 Markdown cancellations 30,000 Freight-in 63,000 Employee discounts granted 12,000 Loss from breakage (normal) 8,000 Required: Compute the cost of Sunshine Snacks ending inventory at December 31, 2019. Express the cost- to-retail ratio as a whole number. (14 marks)

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