9 b. Determine Harmony's 2023 inventory shrinkage from breakage, theft, or other causes at retail and at cost. (Roundyour intermediate calculations and final answers to 2 decimal places.)Estimated inventory that should have been on handPhysical inventoryInventory shrinkageAt CostAt Retail During 2023, Harmony Co. sold $520,000 of merchandise at marked retail prices. At the end of 2023, the following information wasavailable from its records:Beginning inventoryNet purchasesAt Cost At Retail$127,600$256,800231,240 393,600Assume that in addition to estimating its ending inventory by the retail method, Harmony Co. also took a physical inventory at themarked selling prices of the inventory items at the end of 2023. Assume further that the total of this physical inventory at markedselling prices was $109,200.a. Determine the amount of this inventory at cost. (Round your intermediate calculations and final answer to 2 decimal places.)Inventory at cost

Name: 9 b. Determine Harmony's 2023 inventory shrinkage from breakage, theft
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Description: 9 b. Determine Harmony's 2023 inventory shrinkage from breakage, theft, or other causes at retail and at cost. (Roundyour intermediate calculations and final answers to 2 decimal places.)Estimated inventory that should have been on handPhysical inven

Inventory includes all the items, merchandise, and raw materials that are used by the business…

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During 2023, Harmony Co. sold $520,000 of merchandise at marked retail prices. At the end of 2023, the following information was available from its records: Beginning inventory Net purchases At Cost At Retail $256,800 393,600 $127,600 231,240 Assume that in addition to estimating its ending inventory by the retail method, Harmony Co. also took a physical inventory at the marked selling prices of the inventory items at the end of 2023. 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 calculations and final answer to 2 decimal places.) Inventory at cost

During 2023, Harmony Co. sold $520,000 of merchandise at marked retail prices. At the end of 2023, the following information was available from its records: Beginning inventory Net purchases At Cost At Retail $256,800 393,600 $127,600 231,240 Assume that in addition to estimating its ending inventory by the retail method, Harmony Co. also took a physical inventory at the marked selling prices of the inventory items at the end of 2023. 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 calculations and final answer to 2 decimal places.) Inventory at cost

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
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