47 On April 1, 2020, Beta Corp. purchased a $590,000 piece of land with the intent of building a new warehouse. During 2020, Beta Corp. incurred additional costs and realized salvage proceeds associated with the transaction as follows: 3.04 points 00:49:59 Demolition of existing building on site Legal and other fees to close escrow Proceeds from sale of demolition scrap $77,000 13,600 9,400 At what value would Beta Corp. record the land on its December 31, 2020, balance sheet? Multiple Choice $667,000. $671,200. $680,600 $590,000. Beta Corp. started operations on January 1, 2020, and uses the LIFO retail method to estimate ending inventory. The firm's records for the year ended December 31, 2020, include the following: Cost Retail Beginning inventory $ 80,000 $121,000 Net purchases 377,890 550,000 Net markups 33,000 Net markdowns 53,000 Net sales 492,000 What is Beta Corp.'s cost-to-retail ratio? Multiple Choice 71.3%. O O O 66.1%. 70.3% O 64.8%