Larkspur 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 $35,000 58,000 221,000 342,000 357,000 Women's Shoes $47,000 20,000 322,000 568,000 528,000 Calculate the estimated cost of the ending inventory for each shoe department under the retail inventory method. (Round cost to retai ratio to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 5,275.) Men's Shoes $ Women's Shoes
Larkspur 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 $35,000 58,000 221,000 342,000 357,000 Women's Shoes $47,000 20,000 322,000 568,000 528,000 Calculate the estimated cost of the ending inventory for each shoe department under the retail inventory method. (Round cost to retai ratio to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 5,275.) Men's Shoes $ Women's Shoes
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Larkspur 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 Women's Shoes
$35,000
58,000
221,000
342,000
357,000
$47,000
20,000
322,000
568,000
528,000
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 O decimal places, e.g. 5,275.)
Estimated cost of ending inventory $
Men's Shoes
$
Women's Shoes
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