Compute the estimated cost of the ending inventory

Assignment Help Accounting Basics

Reference no: EM132959762

Question: Item Men's Dept. Women's Dept.

Dan's Threads uses the retail inventory method for its two departments, Men's Clothes and Women's Clothes. The following information for each department is obtained.

Beginning inventory at cost $ 40,000 $ 50,000

Cost of goods purchased at cost 160,160 175,700

Net sales 192,000 245,000

Beginning inventory at retail 58,000 65,000

Cost of goods purchased at retail 220,000 240,000

Instructions:

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

Reference no: EM132959762

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