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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