* Your answer is incorrect. Wildhorse Company uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $475800 ($724680), purchases during the current year at cost (retail) were $2507100 ($4026000), freight-in totaled $157380, sales during the current year totaled $3660000, net markups were $87840 and net markdowns were $131760. What costs should be excluded from the cost to retail ratio? $87840. • $131760. $43920. • $157380.

* Your answer is incorrect. Wildhorse Company uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $475800 ($724680), purchases during the current year at cost (retail) were $2507100 ($4026000), freight-in totaled $157380, sales during the current year totaled $3660000, net markups were $87840 and net markdowns were $131760. What costs should be excluded from the cost to retail ratio? $87840. • $131760. $43920. • $157380.

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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