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Culver 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.
Culver 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. Women's Shoes Men's Shoes Item $33,500 $49,000 102,400 146,390 Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail 178,000 189.000 47,000 65,000 179,500 185,500 Calculate cost-to-retail ratio. (Round answers to decimal places, eg. 15%) Women's Shoes Men's Shoes Cost-to-retail ratio % Compute the estimated cost of the ending inventory for each department under the retail inventory method. (Round answers to 0 decimal places, e.g. 1.2500) Women's Shoes Men's Shoes Estimated cost of ending inventory $ $
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