Use the information in RE8-7. Calculate Uncle Butch’s Hunting Supply Shop's ending inventory using the retail inventory method under the average cost assumption. Round the cost-to-retail ratio to 3 decimal places.
Uncle Butch’s Hunting Supply Shop reports the following information related to inventory:
Calculate Uncle Butch’s’ ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.
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