81 82 9. 465,000.00 475,000.00 370,000.00 353,000.00 83 Given the following conditions determine: 84 A. Is there an inventory shortage or overage? 85 B. The inventory shortage or overage %: Retail opening inventory $325,000.00 gross purchases $165,000.00 returns to vendors $25,000.00 net purchases transfers in $10,000.00 total merch handled gross sales $125,000.00 customer returns $20,000.00 net sales net markdowns $15,000.00 employee discounts $2,000.00 total retail deductions closing book inventory 100 closing physical inventory $350,000.00 shortage /overage $ shortage / overage % 103 104 10. 105 Given the following information calculate: 106 A. The closing book inventory at cost: 107 B. The gross cost of merch sold: 108 Cost 109 opening inventory $65,250.00 110 gross purchases $51,750.00 returns to vendors $9,000.00 net purchases additional markup freight $3,000.00 total merch handled 116 net sales net markdowns employee discounts 119 total retail deductions 120 closing book inventory gross cost of merch sold 122 3,000.00 shortage 0.85% shortage Retail $145,000.00 $115,000.00 $20,000.00 $2,000.00 CMU = $95,000.00 cost % = $18,000.00 $2,000.00 117