Compute the estimated cost of the ending inventory for each, Ask an Expert

Accounting

Quayle Shoe Store uses the retail inventory method for its two departments, Women's Shoes and Men's Shoes. The following information for each department is obtained.

Women's Department Men's Department
Beginning inventory at cost $34,900 $49,860
Cost of goods purchased at cost 148,260 136,600
Net sales 180,010 185,290
Beginning inventory at retail 48,590 65,050
Cost of goods purchased at retail 183,630 185,790

Instructions

Compute the estimated cost of the ending inventory for each department under the retail inventory method. (Round computations and final answers to 0 decimal places, e.g. 125.)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9414999

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