Skysong 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 $38,000 61,000 217,000 357,000 379,000 Women's Shoes $ $47,000 89,000 325,000 576,000 Calculate the estimated cost of the ending inventory for each shoe department under the retail inventory method. (Round cost to ratio to 2 decimal places, eg. 52.75 and final answers to 0 decimal places, e.g. 5,275.) 525,000 Men's Shoes $ Women's Shoes

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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.