Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 22 Nov 2017 My Price 9.00

Quester Company

retail Method

p4. Quester Company operates a large discount store and uses the retail method to esti- mate the cost of ending inventory. Management suspects that in recent weeks there have been unusually heavy losses from shoplifting or employee pilferage. To estimate the amount of the loss, the company has taken a physical inventory and will compare the results with the estimated cost of inventory. Data from Quester’s accounting records follow.

 

 

At Cost

At retail

August 1 beginning inventory

$205,952

$297,200

Purchases

286,932

434,000

Purchases returns and allowances

(8,172)

(12,800)

Freight-in

3,800

 

Sales

 

436,732

Sales returns and allowances

 

(3,732)

August 31 physical inventory at retail

 

249,800

 

reQUIreD

1.    Using the retail method, prepare a schedule to estimate the dollar amount of the store’s month-end inventory at cost.

2.    Use the store’s cost to retail ratio to reduce the retail value of the physical inventory to cost.

3.    Calculate the estimated amount of inventory shortage at cost and at retail.

4.    aCCountIng ConneCtIon ▶ Many retail chains use the retail method because it is efficient. Why do you think using this method is an efficient way for these compa- nies to operate?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Nov 2017 10:11 PM My Price 9.00

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