Flint Shoe Store uses the retail inventory method for its two departments, Womens Shoes and...
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Accounting
Flint Shoe Store uses the retail inventory method for its two departments, Womens Shoes and Mens Shoes. The following information for each department is obtained.
Exercise 6-21 a1-a2 Flint Shoe Store uses the retail inventory method for its two departments, Women's Shoes and Men's Shoes Women's Men's Shoes Shoes $32,500 $49,000 107,000 148,340 179,000 188,500 49,000 64,500 183,500 188,500 Item Beginning inventory at cost Cost of goods purchased at cost Net sales Beginning inventory at retail Cost of goods purchased at retail Calculate cost-to-retail ratio. (Round answers to 0 decimal places, e.g. 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 Women's Shoes Men's Shoes Estimated cost of ending inventory
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