part a and b are already answered, I need part c which is the following part need correct and complete answer with full explanation and work answer in text form Presented below is information related to Sunland Company.CostBeginning inventory $53.760Purchases (net)Net markupsNet markdownsSales revenue(a)(1)(2)Compute the ending inventory at retail.Ending inventory(3)(4)(c)119.400Your answer is correctCompute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, eg. 78.74%)Cost-to-retail percentage(1)(2)Retail$107,700204,800(3)9,60526.513175.600$19.992Which of the methods in (b) above does the following?Excluding both markups and markdowns.Excluding markups but including markdowns.Excluding markdowns but including markups.Including both markdowns and markups.55.41Is used in the conventional retail method.60.55 %53,7658.59Provides the most conservative estimate of ending inventory.Provides an approximation of lower-of-cost-or-market.%Excluding Both Markups and Markdowns.Excluding Markdowns but Including MarkupsExcluding Markups but Including MarkdownsIncluding Both Markdowns and Markups

The conventional retail method refers to the valuation technique that is used to determine the value…

Presented below is information related to Sunland Company. Beginning inventory Purchases (net) Net markups Net markdowns Sales revenue (a) (1) (2) Ending inventory (3) Compute the ending inventory at retall (4) (c) Cost $53,760 Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, e.g. 78,74%) Cost-to-retail percentage (1) 119,400 Your answer is correct (2) (3) Retail $107,700 204,800 9,605 26.513 175,600 $49.998 Which of the methods in (b) above does the following? Excluding both markups and markdowns. Excluding markups but including markdowns. Excluding markdowns but including markups. Including both markdowns and markups. 55.41 Is used in the conventional retail method. 60.55 53.76 58.59 Provides the most conservative estimate of ending inventory. Provides an approximation of lower-of-cost-or-market. % % Excluding Both Markups and Markdowns. Excluding Markdowns but Including Markups Excluding Markups but Including Markdowns Including Both Markdowns and Markups

Presented below is information related to Sunland Company. Beginning inventory Purchases (net) Net markups Net markdowns Sales revenue (a) (1) (2) Ending inventory (3) Compute the ending inventory at retall (4) (c) Cost $53,760 Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, e.g. 78,74%) Cost-to-retail percentage (1) 119,400 Your answer is correct (2) (3) Retail $107,700 204,800 9,605 26.513 175,600 $49.998 Which of the methods in (b) above does the following? Excluding both markups and markdowns. Excluding markups but including markdowns. Excluding markdowns but including markups. Including both markdowns and markups. 55.41 Is used in the conventional retail method. 60.55 53.76 58.59 Provides the most conservative estimate of ending inventory. Provides an approximation of lower-of-cost-or-market. % % Excluding Both Markups and Markdowns. Excluding Markdowns but Including Markups Excluding Markups but Including Markdowns Including Both Markdowns and Markups

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 13E: Retail Inventory Method The following information relates to the retail inventory method used by...

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