Question - DK Super Stores Inc. uses the average cost retail method to estimate its ending inventory. Information at June 30, 2011, is as follows:
COST RETAIL
Beginning inventory $105,000
Net Purchases $375,000
Net Sales $380,000
Ending Inventory $64,000
Required: Compute the cost-to-retail percentage used by DK.
If possible- it would be so helpful if you can please show your work! Thanks so much!