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Kicks 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 Shoes Item Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail $ 25,000 110,000 178,000 46,000 179,000 Men's Shoes $ 45,000 136,300 185,000 60,000 185,000 D a Instructions Compute the estimated cost of the ending inventory for each department under the retail inventory method.

Kicks 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 Shoes Item Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail $ 25,000 110,000 178,000 46,000 179,000 Men's Shoes $ 45,000 136,300 185,000 60,000 185,000 D a Instructions Compute the estimated cost of the ending inventory for each department under the retail inventory method.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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*E6-20 Kicks 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 Item Beginning inventory at cost Cost of goods purchased at cost au vand Net sales Beginning inventory at retail to dos Cost of goods purchased at retail Shoes 20 $ 25,000 110,000 178,000 46,000 179,000 oog Men's Shoes $ 45,000 136,300 185,000 60,000 185,000 (d) D a Instructions Compute the estimated cost of the ending inventory for each department under the retail inventory method.
Transcribed Image Text:*E6-20 Kicks 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 Item Beginning inventory at cost Cost of goods purchased at cost au vand Net sales Beginning inventory at retail to dos Cost of goods purchased at retail Shoes 20 $ 25,000 110,000 178,000 46,000 179,000 oog Men's Shoes $ 45,000 136,300 185,000 60,000 185,000 (d) D a Instructions Compute the estimated cost of the ending inventory for each department under the retail inventory method.
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