Question: Buffalo Industries uses the retail inventory method for its two departments: men's shoes and women's shoes. The following information is obtained for each department: Item

Buffalo Industries uses the retail inventory method for its two departments: men's shoes and women's shoes. The following information is obtained for each department:

Item Mens Shoes Womens Shoes

Beginning inventory at cost

$34,000 $43,000

Beginning inventory at retail

54,000 89,000

Cost of goods purchased

213,000 314,000

Retail price of goods purchased

341,000 562,000

Net sales

355,000 521,000

Calculate the estimated cost of the ending inventory for each shoe department under the retail inventory method. (Round cost to retail ratio to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)

Mens Shoes Womens Shoes

Estimated cost of ending inventory

$enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places

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