. Calculate (a) Book inventory (b) Shortage or overage dollars (c) Shortage or overage percent Gross purchases $394,280 Returns to vendors 26,564 Opening inventory 118,360 Transfer in 2,348 Transfer out 2,968 Markdowns 33,116 Markdown cancellations 1,863 Gross sales 362,184 Customer returns 19,560 Employee discounts 1,664 Closing physical inventory 103,424 (a) $37,588 (b) $1,125 (c) .97%