To Produce an Inventory Valuation Which Approximates the Lower-Of-Cost-Or-Net Realizable

question 33

Multiple Choice

To produce an inventory valuation which approximates the lower-of-cost-or-net realizable value using the conventional retail inventory method, the computation of the ratio of cost to retail should

• A)include markups but not markdowns.
• B)include markups and markdowns.
• C)ignore both markups and markdowns.
• D)include markdowns but not markups.

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