Based on the following figures, determine the shortage or overage percent.

Opening inventory $292,000

Gross purchases 521,000

Return to Vendor 35,000

Transfers in 10,500

Transfers out 8,400

Customer returns 51,500

Gross sales 512,000

Markdowns 14,200

Markdown cancellations 1,200

Employee discounts 3,100

Estimated Physical Inventory 306, 116

a) 1.48% Shortage

b) 2.75% Overage

c) 4.32% Shortage

d) 3.25% Overage