Seamus 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.

Instructions

Compute the estimated cost of the ending inventory for each department under the retail inventorymethod.

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Women's Men's Item Shoes Shoes $ 32,000 $ 45,000 Beginning inventory at cost Cost of goods purchased at cost Net sales 148,000 136,300 178,000 185,000 Beginning inventory at retail Cost of goods purchased at retail 46,000 60,000 179,000 185,000