Carol Music Store uses the average cost retail inventory method to determine its ending inventory.The accounting records for the current year for Carol contained the following information: $\begin{array}{lll}&\text { Cost }&\text { Retail }\
\text { Purchases } & \$ 108,000 & \$ 137,750 \
\text { Beginning inventory } & 24,000 & 32,000 \
\text { Sales } & & 146,250 \
\text { Net markups } & & 18,819 \
\text { Net markdowns } & & 6,500 \
\text { Employee discounts } & & 12,500
\end{array}$ What is the cost-to-retail percentage to be used for ending inventory calculations?

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The Answer of Carol Music Store uses the average cost retail inventory method to determine its ending inventory.The accounting records for the current year for Carol contained the following information: $\begin{array}{lll}&\text { Cost }&\text { Retail }\
\text { Purchases } & \$ 108,000 & \$ 137,750 \
\text { Beginning inventory } & 24,000 & 32,000 \
\text { Sales } & & 146,250 \
\text { Net markups } & & 18,819 \
\text { Net markdowns } & & 6,500 \
\text { Employee discounts } & & 12,500
\end{array}$ What is the cost-to-retail percentage to be used for ending inventory calculations?

Carol Music Store Uses the Average Cost Retail Inventory Method