Question: Marin Shoe Store uses the retail inventory method for its two departments: men's shoes and women's shoes. The following information is obtained for each department:
Marin Shoe Store 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 Beginning inventory at cost Beginning inventory at retail Cost of goods purchased Retail price of goods purchased Net sales Men's Shoes $35,000 56,000 212,000 334,000 354,000 Women's Shoes $46,000 86,000 316,000 552,000 498,000 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 O decimal places, e.g. 5,275.)
Marin Shoe Store uses the retail imventory method for its two departments: men's shoes and womeris shoes. The following information is obtained for each department: 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 ploces, es, 52.75 and final answers to 0 decimal ploces, es 5,275.)
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