Cullumber 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.

At December 31, Cullumber Books takes a physical inventory at retail. The actual retail values of the inventories in each department are Hardcovers $592,500 and Paperbacks $251,200.

Cullumber 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. Beginning inventory Purchases Freight-in Purchase discounts Net sales Hardcovers Cost Retail $315,000 $525,000 1,601,250 2,400,000 18,000 33.000 2,325,000 Paperbacks Cost Retail $210,000 $270,000 866.250 1,155,000 9,000 16,500 1,177,500 At December 31, Cullumber Books takes a physical inventory at retail. The actual retail values of the inventories in each department are Hardcovers $592,500 and Paperbacks $251,200. (b) * Your answer is incorrect. Compute the ending inventory at cost for each department at December 31, assuming the cost-to-retail ratios for the year are 65% for Hardcovers and 75% for Paperbacks. Hardcovers Paperbacks The ending inventory 390000 $ e Textbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 25% score reduction after attempt 2