Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:
Cost Retail
Beginning inventory $ 49,000 $ 66,000
Net purchases 157,000 221,000
Net markups 25,000
Net markdowns 38,000
Net sales 223,000
The conventional cost-to-retail percentage (rounded) is:
a. 83.1%
b. 66.0%
c. 71.8%
d. 75.2%
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