Brandon Shoe Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available at November 30, 2014:

At November 30, Brandon Shoe Store takes a physical inventory count at retail. The actual retail values of the inventories in each department on November 30, 2014, are as follows: Women's Shoes $381,250, and Men's Shoes $426,100.
Instructions
Determine the estimated cost of the ending inventory at November 30, 2014, using the retail inventory method.
Taking It Further
Calculate the store's loss on November 30, 2014, from theft and other causes, at retail and at cost.

Transcribed Image Text:

Women's Shoes Men's Shoes Retail Retail 323,000 1,772,000 36,400 Cost Cost Beginning inventory Purchases Purchase returns and allowances Freight in Sales Sales returns and allowances s 276,000 1,181,000 24,600 6,000 $ 191,000 1,046,000 21,900 7,200 $ 424,000 1,801,000 37,000 1,826,000 28,000 1,651,000 25,000