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Category > Accounting Posted 16 Aug 2017 My Price 5.00

Warmer’s Dress Shop

retail Method

e8A. Warmer’s Dress Shop had net retail sales of $250,000 during the current year. The following additional information was obtained from the company’s accounting records:

 

 

 

At Cost

At retail

Beginning inventory

$  40,000

$  60,000

Net purchases (excluding freight-in)

140,000

220,000

Freight-in

10,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.    Using the retail method, estimate the company’s ending inventory at cost.

2.    Assume that a physical inventory taken at year end revealed an inventory on hand of

$18,000 at retail value. What is the estimated amount of inventory shrinkage (loss due to theft, damage, etc.) at cost using the retail method?

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 10:08 PM My Price 5.00

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