During 2020, Harmony Co. sold $520,000 of merchandise at marked retall prices. At the end of 2020, the following Information was available from its records: At Cost At Retail Beginning inventory Net purchases $127, 6ee $256, 8ee 393, 600 231, 240 Assume that in addition to estimating its ending inventory by the retall method, Harmony Co. also took a physical Inventory at the marked selling prices of the Inventory items at the end of 2020. Assume further that the total of this physical inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your Intermediate calculetions and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 Inventory shrinkage from breakage, theft, or other causes at retal and at cost. (Round your intermediate calculations and final answers to 2 decimal places.) At Cost At Retail Estimated inventory that should have been on hand Physical inventory Inventory shrinkage

During 2020, Harmony Co. sold $520,000 of merchandise at marked retall prices. At the end of 2020, the following Information was available from its records: At Cost At Retail Beginning inventory Net purchases $127, 6ee $256, 8ee 393, 600 231, 240 Assume that in addition to estimating its ending inventory by the retall method, Harmony Co. also took a physical Inventory at the marked selling prices of the Inventory items at the end of 2020. Assume further that the total of this physical inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your Intermediate calculetions and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 Inventory shrinkage from breakage, theft, or other causes at retal and at cost. (Round your intermediate calculations and final answers to 2 decimal places.) At Cost At Retail Estimated inventory that should have been on hand Physical inventory Inventory shrinkage

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Description: During 2020, Harmony Co. sold $520,000 of merchandise at marked retail prices. At the end of 2020, the following Information wasavallable from Its records:At CostAt Retail$256, 800Beginning inventoryNet purchases$127,600231, 240393,600Assume that in

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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