Examlex
Which of the following items would not be used in the calculation of the cost-to-retail ratio if the FIFO retail inventory method were used to determine the ending inventory?
Mark-up
Additional pricing on goods’ cost aimed to cover running expenses and secure profit.
Cost
The amount of money required to purchase something or the expense incurred to produce something.
Selling Price
The amount for which a good or service is sold to the customer.
Outstanding Balance
Represents the total amount of money owed on a loan, credit card, or any debt, remaining to be paid.
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