Jake Thomas Corporation uses the conventional retail method for financial reporting. The​ company's inventory records are summarized below.  Description Cost Retail Beginning inventory $31,800 $53,000 Purchases 127,540 197,900 Additional markups   9,600 Markup cancellations   3,500 Markdowns   5,100 Markdown cancellations   4,000 Sales   230,000   Complete the partial table below to determine the​ cost-to-retail ratio. In the following​ step, complete the table by selecting the labels and entering the amounts needed to estimate Jake Thomas​' ending inventory using the conventional retail method.​ (If an input field is not used in the​ table, leave the input field​ empty; do not enter a zero. Round the​ cost-to-retail ratio to two decimal​ places, X.XX%. Round all currency amounts to the nearest whole​ dollar.)

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.