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Category > Accounting Posted 16 Aug 2017 My Price 8.00

Blue Jeans Shop

retail Inventory Method

Se10. Blue Jeans Shop had net retail sales of $390,000 during the current year. The following additional information was obtained from the company’s accounting  records:

 

 

At Cost

At retail

Beginning inventory

$  80,000

$120,000

Net purchases

 

 

(excluding freight-in)

260,000

420,000

Freight-in

16,400

 

Using the retail method, estimate the company’s ending inventory at cost. Assuming that a physical count taken at year-end revealed an inventory of $132,000 at retail value, what is the estimated amount of inventory shrinkage (loss due to theft, damage, etc.) at cost using the retail method?

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Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 10:08 PM My Price 8.00

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