Lily 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. Paperbacks Hardcovers Cost Retail Cost Retail Beginning inventory $437,000 $640,000 $251.000 $360,000 Purchases 2,122,050 3,395,000 1.290,000 1.560,000 Freight-in 27,000 15.000 Purchase discounts 44,000 20,000 3,250,000 1,580,000 Net sales At December 31, Lily Books takes a physical inventory at retail. The actual retail values of the inventories in each department are Hardcovers $743,000 and Paperbacks $335,000. (a 1) Determine the cost-to-retail ratio (Round answers to 0 decimal places, eg. 25%) Hardcovers Paperbacks % Cost-to-retail ratio