Can you help me figure out the ending inventory at retail on this question... Is there a ratio? Formula?
The following data concerning the retail inventory method are taken from the financial records of Sheridan Company.
Beginning inventory 194000 284000
Purchases 902000 1180000
Freight-In 24800 ---
Net Markups -- 80700
Net Markdowns -- 56700
Sales -- 1344000
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