Shoes-A-Lot Ltd.decided to adopt the retail method to value its inventory.The following information is found for 2005: 
Required: Determine the December 31,2005 inventory cost under the retail method-average cost basis.
Definitions:
Correcting Entries
Adjustments made in accounting records to amend errors or omissions.
General Journal
A fundamental accounting document where all kinds of financial transactions are initially recorded before they are transferred to specific accounts in the ledger.
Special Journal
A type of accounting journal designed for recording a specific type of transaction in a more efficient manner.
Sales Journal
A specialized accounting journal that records all credit sales transactions of a business.
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