Your department showed the following figures:

Opening inventory at retail $102,000

Returns to vendor $1,200

Employee discounts $800

Net sales $300,000

Retail purchases $370,000

Markdowns $10%

Transfers in $1,100

Transfers out $1,000

Physical inventory $131,000

Yearly Net Sales $650,000

Estimated shortage 1%

A. What is the closing book inventory at retail?

B. What is the actual overage/shortage (be specific) in dollars?

C. What is the actual overage/shortage (be specific) in percentage?

D. Is the actual overage/shortage percentage higher or lower than the estimated? And by how much?

E. Using a 50% markup, convert the closing book inventory at retail to cost.