Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending Inventory and cost of goods sold. The following data is available from the company records for the month of June 2024: Beginning inventory Net purchases Net markups Net markdowns Net sales Multiple Choice The average cost-to-retall percentage is: Note: Round your percentage answer to one decimal place. 64.9%. Cost $ 100,000 319,000 60.3%. Retail $ 138,000 540,000 29,000 43,000 560,000

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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.