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Question - Quayle 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 Department
Men's Department
Beginning inventory at cost
Cost of goods purchased at cost
Net sales
Beginning inventory at retail
Cost of goods purchased at retail
$32,000
148,000
178,000
46,000
179,000
$45,000
136,300
185,000
60,000
Instructions: Compute the estimated cost of the ending inventory for each department under the retail inventory method.
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