Sunland Books uses the retail inventory method to estimate its monthly ending inventories. The following information is available wo of its departments at October 31, 2022. Hardcovers Paperbacks Cost Retail Cost Retail Beginning inventory $414,000 $640,000 $267,000 $360,000 Purchases 2,280,200 3,300,000 1,216,100 1,535,000 Freight-in 29,000 15,000 Purchase discounts 44,000 20,000 Net sales 3,300,000 1,570,000 At December 31, Sunland Books takes a physical inventory at retail. The actual retail values of the inventories in each department a Hardcovers $744,000 and Paperbacks $335,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 25 of 25
Sunland 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
$414,000
$640,000
$267,000
$360.000
Purchases
2,280,200
3,300,000
1,216,100
1.535,000
Freight-in
29,000
15.000
Purchase discounts
44,000
20.000
Net sales
3,300,000
1,570,000
At December 31, Sunland Books takes a physical inventory at retail. The actual retail values of the inventories in each department are
Hardcovers $744,000 and Paperbacks $335,000.
Transcribed Image Text:-/ 1 Question 25 of 25 Sunland 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 $414,000 $640,000 $267,000 $360.000 Purchases 2,280,200 3,300,000 1,216,100 1.535,000 Freight-in 29,000 15.000 Purchase discounts 44,000 20.000 Net sales 3,300,000 1,570,000 At December 31, Sunland Books takes a physical inventory at retail. The actual retail values of the inventories in each department are Hardcovers $744,000 and Paperbacks $335,000.
Question 25 of 25
(a1)
Determine the cost-to-retail ratio. (Round answers to 0 decimal places, eg. 25%.)
Hardcovers
Paperbacks
Cost-to-retail ratio
eTextbook and Media
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Submit Ans
(a2)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Transcribed Image Text:Question 25 of 25 (a1) Determine the cost-to-retail ratio. (Round answers to 0 decimal places, eg. 25%.) Hardcovers Paperbacks Cost-to-retail ratio eTextbook and Media Save for Later Attempts: 0 of 10 used Submit Ans (a2) The parts of this question must be completed in order. This part will be available when you complete the part above.
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