Compute the estimated cost of the ending inventory for each department under the retail inventory…

Gepetto 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.

Item

Women"s
Shoes

Men"s
Shoes

Beginning inventory at cost

$ 25,000

$ 45,000

Cost of goods purchased at cost

110,000

136,300

Net sales

178,000

185,000

Beginning inventory at retail

46,000

60,000

Cost of goods purchased at retail

179,000

185,000

Instructions

Compute the estimated cost of the ending inventory for each department under the retail inventory method.

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