Question - Quayle Shoe Store uses the retail inventory method for its two departments. Women's Shoes and Men's Shoes. The following information for each department is obtained.
|
Item
|
Women's Department
|
Men's Department
|
|
Beginning inventory at cost
Cost of goods purchased at cost
Net sales
Beginning inventory at retail
Cost of goods purchased at retail
|
$32,000
148,000
178,000
46,000
179,000
|
$45,000
136,300
185,000
60,000
185,000
|
Instructions: Compute the estimated cost of the ending inventory for each department under the retail inventory method.