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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

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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 7RE: Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate...
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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 89,000 325,000 576,000 525,000 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, eg. 52.75 and final answers to 0 decimal places, e.g. 5,275.) Men's Shoes Women's Shoes
Transcribed Image Text: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 89,000 325,000 576,000 525,000 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, eg. 52.75 and final answers to 0 decimal places, e.g. 5,275.) Men's Shoes Women's Shoes
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