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 Men's Shoes Women's Shoes $36.000 $47.000 60,000 90.000 Beginning inventory at cost Beginning inventory at retail Cost of goods purchased Retail price of goods purchased Net sales 222.000 311,000 580,000 344,000 366,000 550,000 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, es. 52.75 and final answers to decimal places, e.g. 5,275.) Men's Shoes Women's Shoes $ $ Estimated cost of ending inventory
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