1. Determine, on the basis of the following figures, the shortage or overage percent. Opening inventory $190,000 Gross purchases $315,000 RTV $21,000 Transfers in $10,500 Transfers out $8,400 Customer returns $21,500 Gross sales $311,000 Markdowns $12,600 Markdown cancellations $1,600 Employee discounts $3,400 Closing physical inventory $176,700

2. Determine the shortage or overage percent under the following conditions: Opening inventory $78,000 Gross purchases $117,500 RTV $6,000 Gross sales $62,400 Customer returns $5,900 Markdowns $11,340 Markdown cancellations $780 Additional mark on $280 Closing physical inventory $123,180