Blossom Books uses the retail inventory method to estimate its monthly ending inventories. The following...
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Blossom Books uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at October 31, 2022. Hardcovers Paperbacks Cost Retail Cost Retail Beginning inventory $756,000 $1,260,000 $504,000 $648,000 Purchases 3,843,000 5,760,000 2,079.000 2.772,000 Freight-in 43,200 21,600 Purchase discounts 79,200 39,600 Net sales 5,580,000 2,826,000 At December 31, Blossom Books takes a physical inventory at retail. The actual retail values of the inventories in each department are Hardcovers $1,422,000 and Paperbacks $603,000. Determine the cost-to-retail ratio. Hardcovers Paperbacks Cost-to-retail ratio % %
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