Current Attempt in Progress Marin Shoe Store uses the retail inventory method for its two departments: men's shoes and women's shoes. The follow- information is obtained for each department: Item Beginning inventory at cost Beginning inventory at retail Cost of goods purchased Retail price of goods purchased Net sales Men's Shoes $34,000 56,000 222,000 349,000 365,000 Women's Shoes $47,000 82,000 324,000 577,000 519,000
Current Attempt in Progress Marin Shoe Store uses the retail inventory method for its two departments: men's shoes and women's shoes. The follow- information is obtained for each department: Item Beginning inventory at cost Beginning inventory at retail Cost of goods purchased Retail price of goods purchased Net sales Men's Shoes $34,000 56,000 222,000 349,000 365,000 Women's Shoes $47,000 82,000 324,000 577,000 519,000
Chapter1: Financial Statements And Business Decisions
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Marin Shoe Store uses the retail inventory method for its two departments: men's shoes and women's shoes. The following
information is obtained for each department:
Item
Beginning inventory at cost
Beginning inventory at retail
Cost of goods purchased
Retail price of goods purchased
Net sales
Men's
Shoes
Estimated cost of ending inventory
$34,000
56,000
222,000
349,000
365,000
Women's
Shoes
$47,000
82,000
324,000
577,000
519,000
Calculate the estimated cost of the ending inventory for each shoe department under the retail inventory method. (Round cost to
retail ratio to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)
Men's Shoes
Women's Shoes
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