Calculate the shortage percent.  Present your answer with a percent sign, rounded to two decimal places (i.e. 19.64%). NOTE.  There are four questions associated with this data.  You will ultimately complete a complete RIM exercise.     Cost ($) Retail ($) Opening inventory 130,410 201,543 Gross purchases 418,390 884,916 Returns to vendors 1,726 3,514 Cash discounts 2,040   Alteration costs 1,620   Freight 1,690   Gross Sales   806,430 Customer returns   60,340 Markdowns   120,630 Markdown cancellations   3,048 Additional markup   360 Employee discounts   1,010 Closing physical inventory   212,803

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.