Flott 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 $140,000.
Instructions
Use the retail inventory method to estimate the ending inventory at cost for July. Show all computations to support your answer.
Definitions:
Cotton-Polyester Blend
A fabric made by combining cotton and polyester fibers, known for its durability, wrinkle resistance, and easy care.
Sales Presentation
A pitch or demonstration given by a salesperson to inform and persuade potential customers about the benefits of a product or service.
Demonstration
A demonstration in sales is a direct presentation or exhibition of a product or service's features and benefits, aimed at persuading potential customers to make a purchase.
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