v Question Completion Status:Question 3The following data concerning the retail inventory method are taken from the financial records of Riffa Company.Cost$ 49,000224,0006,000Retail$ 70,000320,000Beginning inventoryPurchasesFreight-inNet markups20,00014,000336,000Net markdownsSalesIf Riffa company uses the cost method to determine its ending inventory at cost. what is the cost to retail ratio?O 54.81%O 65.80%O 68.05%O 70.45%A Moving to another question will save this response.O Type here to searcha近

Cost to retail ratio = (cost of goods sold at cost / at retail ) * 100

Question 3 The following data concerning the retail inventory method are taken from the financial records of Riffa Company. Beginning inventory Purchases Freight-in Net markups Net markdowns Sales Cost $ 49,000 224,000 6,000 Retail $ 70,000 320,000 20,000 14,000 336,000 If Riffa company uses the cost method to determine its ending inventory at cost. what is the cost to retail ratio? O 54.81% O 65.80% O 68.05% O 70.45%

Question 3 The following data concerning the retail inventory method are taken from the financial records of Riffa Company. Beginning inventory Purchases Freight-in Net markups Net markdowns Sales Cost $ 49,000 224,000 6,000 Retail $ 70,000 320,000 20,000 14,000 336,000 If Riffa company uses the cost method to determine its ending inventory at cost. what is the cost to retail ratio? O 54.81% O 65.80% O 68.05% O 70.45%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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