Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Jul 2017 My Price 11.00

Hacienda Co.

Selected data on merchandise inventory, purchases, and sales for Hacienda Co. and San Lucas Co. are as follow

 

Cost

Retail

Hacienda Co.

 

 

Merchandise inventory, June 1

$ 200,000

$ 290,000

Transactions during June:

 

 

Purchases (net)

2,086,000

2,885,000

Sales

 

2,780,000

Sales returns and allowances

 

30,000

San Lucas Co.

 

 

Merchandise inventory, November 1

$ 225,000

 

Transactions during November and December:

 

 

Purchases (net)

1,685,000

 

Sales

2,815,000

 

Sales returns and allowances

85,000

 

Estimated gross profit rate

40%

 
       

Instructions

1. Determine the estimated cost of the merchandise inventory of Hacienda Co. on June 30 by the retail method, presenting details of the computations.

2. a. Estimate the cost of the merchandise inventory of San Lucas Co. on December 31 by the gross profit method, presenting details of the computations.

b. Assume that San Lucas Co. took a physical inventory on December 31 and discovered that $269,250 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during November and December?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Jul 2017 12:07 AM My Price 11.00

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