Retail Method of Inventory Valuation Opening Inventory (C) 35, 750 Opening Inventory (R) 75,000 Markdowns 4,000 Returns to Vendor (R) 4,000 Transfers in (C) 4,000 Transfers out (R) 2, 200 Gross Sales 72, 600 Customer Returns 2% Employee Discounts 3, 500 Shortages (planned) 1% Purchases (C) 56,000 Physical Inventory 105,000 Markup 49% Round dollars to whole dollars. Find closing book inventory, shortage/overage, COGS $ & %, and GM $ & %