Maurice Tutor

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Category > Management Posted 25 Mar 2018 My Price 8.00

Fuentes Company

Fuentes Company operates a large discount store and uses the retail method to estimate 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 the accounting records of Fuentes Company are as follows:

 

 

At Cost

At Retail

October 1 beginning inventory

$51,488

$ 74,300

Purchases

71,733

108,500

Purchases returns and allowances

(2,043)

(3,200)

Freight-in

950

 

Sales

 

109,183

Sales returns and allowances

 

(933)

October 31 physical inventory at retail

 

62,450

 

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. User Insight: Many retail chains use the retail method because it is efficient. Why do you think using this method is an efficient way for these companies to operate?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Mar 2018 05:03 AM My Price 8.00

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