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Sheridan 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. Item Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail Women's Shoes $23,000 135,200 178,000 47,000 179,000 Men's Shoes $49,000 144,270 186,000 65,000 186,000

Sheridan 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. Item Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail Women's Shoes $23,000 135,200 178,000 47,000 179,000 Men's Shoes $49,000 144,270 186,000 65,000 186,000

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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Sheridan 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. Item Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail (a1) Calculate cost-to-retail ratio. Cost-to-retail ratio Women's Men's Shoes Shoes $23,000 $49,000 135,200 144,270 178,000 186,000 47,000 65,000 179,000 186,000 Women's Shoes % Men's Shoes %
Transcribed Image Text:Sheridan 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. Item Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail (a1) Calculate cost-to-retail ratio. Cost-to-retail ratio Women's Men's Shoes Shoes $23,000 $49,000 135,200 144,270 178,000 186,000 47,000 65,000 179,000 186,000 Women's Shoes % Men's Shoes %
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