The answer is option (B) After both markups (net) and markdowns (net)

Explanation:

Generally cost to retail method includes two methods. They are: (a) Conventional retail method (b) Average cost Retail method

In conventional retail method , cost to retail ratio is calculated after including net markups and before net markdowns.

In average cost retail method, cost to retail ratio is calculated after including both net markups and net markdowns.