Shoemaker Department Store prepares monthly financial statements but only takes a physical count of merchandise inventory at the end of the year. The following information has been developed for the month of July: 
The net sales for July amounted to $142,000.
Instructions
Use the retail inventory method to estimate the ending inventory at cost for July. Show all computations to support your answer.
Definitions:
Major Issues
This term pertains to significant challenges or problems that are of primary importance in a particular context or field of study.
Young People
Individuals in their youth, typically characterized as being in the transition period from childhood to adulthood.
Identity Achievement
Identity status, described by Marcia, that is characterized by commitment to choices made following a crisis, a period spent in exploring alternatives.
James Marcia
A developmental psychologist known for his work on adolescent identity formation, notably the identity status theory.
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