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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:
  Â
 | Cost | Retail |
  Beginning inventory | $50,000 | $67,000 |
  Net purchases | 158,000 | 223,000 |
  Net markups |  | 26,000 |
  Net markdowns |  | 39,000 |
  Net sales |  | 224,000 |
  Â
The conventional cost-to-retail percentage (rounded) is:
 | a)65.8%. |
 | b)71.7%. |
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