The Following Information Is Available for the Past Year for a Retail

question 50

Multiple Choice

The following information is available for the past year for a retail store: $$\begin{array} { | l | r | } \hline \text { Sales } & \$ 121,000 \\\hline \text { Sales Returns } & \$ 1,000 \\\hline \text { Markups } & \$ 11,000 \\\hline \text { Markup cancellations } & \$ 1,000 \\\hline \text { Markdowns } & \$ 9,000 \\\hline \text { Purchases (at cost) } & \$ 40,000 \\\hline \text { Purchases (at retail) } & \$ 90,000 \\\hline \text { Beginning inventory (at cost) } & \$ 32,000 \\\hline \text { Beginning inventory (at retail) } & \$ 42,000 \\\hline\end{array}$$
What is the cost-to-retail ratio to estimate the cost of ending inventory using the conventional retail method? (Round cost-to-retail ratios to four decimal places.)

• A) 50.7%
• B) 76.19%
• C) 54.55%
• D) 59.02%

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Definitions:

Authoritative

Describing a commanding and confident nature or approach, often associated with respect and compliance from others.

Parenting Style

The manner in which parents rear and interact with their children, often categorized into types such as authoritative, authoritarian, permissive, and uninvolved.

Disengaged

Withdrawn or detached from a situation or involvement, not emotionally or intellectually interested.

Authoritative-Reciprocal

Authoritative-reciprocal refers to a style of interaction, particularly in parenting or leadership, that is characterized by a balance of authority and responsiveness to feedback.