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Category > Accounting Posted 28 Apr 2017 My Price 5.00

Blue Jeans Shop had net retail sales of $390,000

 

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?

 
 
 

Answers

Alpha Geek
(8)
Status NEW Posted 28 Apr 2017 10:04 AM My Price 5.00

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Attachments

file 1493376604-1392910_1_636288902325667186_Retail-Method-Inventory-shrinkage.xlsx preview (169 words )
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