Brandon Shoe Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available at November 30, 2024:

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, 2024, 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, 2024, using the retail inventory method.

Taking It Further

Calculate the store’s loss on November 30, 2024, from theft and other causes, at retail and at cost.

Transcribed Image Text:

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