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5/10 E Sweet Acacia Industries uses the retail inventory method for its two departments: men's shoes and women's shoes. The following information is obtained for
5/10 E Sweet Acacia 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 Beginning inventory at cost $34,000 $43,000 Beginning inventory at retail 54,000 87,000 Cost of goods purchased 220,000 316.000 Retail price of goods purchased Net sales 347,000 579,000 362,000 546,000 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, eg. 52.75 and final answers to O decimal places, eg. 5,275.) Men's Shoes Estimated cost of ending inventory $ Women's Shoes 24,702.6 $ 87,000
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