Brandon Shoe Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available at November 30, 2014:
Homework Answers
a) Women Shoes
| Women Shoes | ||
| Particular | Cost | Retail |
| Beginning inventory | $ 276,000 | $ 424,000 |
| Purchases | $ 1,181,000 | $ 1,801,000 |
| Less: Purchase return | $ 24,600 | $ 37,000 |
| Add: Freight | $ 6,000 | $ - |
| Goods available for sale | $ 1,438,400 | $ 2,188,000 |
| Less: Sales from retail | $ 1,826,000 | |
| Add: Sales Return | $ 28,000 | |
| Ending inventory | $ 390,000 |
| % sales of cost to retails | 65.74% |
| (1438400/2188000*100) | |
| Ending inventory at cost | $ 256,388 |
| 390000*65.74% |
b) Men Shoe's
| Men Shoes | ||
| Particular | Cost | Retail |
| Beginning inventory | $ 191,000 | $ 323,000 |
| Purchases | $ 1,046,000 | $ 1,772,000 |
| Less: Purchase return | $ 21,900 | $ 36,400 |
| Add: Freight | $ 7,200 | $ - |
| Goods available for sale | $ 1,222,300 | $ 2,058,600 |
| Less: Sales from retail | $ 1,651,000 | |
| Add: Sales Return | $ 25,000 | |
| Ending inventory | $ 432,600 |
| % sales of cost to retails | 59.38% |
| (1222300/2058600*100) | |
| Ending inventory at cost | $ 256,858 |
| 432600*59.38% |
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Brandon Shoe Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available at November 30, 2014:
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