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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

FINANCIAL ACCOUNTING
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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b. Determine Harmony's 2023 inventory shrinkage from breakage, theft, or other causes at retail and at cost. (Round your intermediate calculations and final answers to 2 decimal places.) Estimated inventory that should have been on hand Physical inventory Inventory shrinkage At Cost At Retail
Transcribed Image Text:b. Determine Harmony's 2023 inventory shrinkage from breakage, theft, or other causes at retail and at cost. (Round your intermediate calculations and final answers to 2 decimal places.) Estimated inventory that should have been on hand Physical inventory Inventory shrinkage At Cost At Retail
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 $127,600 $256,800 231,240 393,600 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
Transcribed Image Text: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 $127,600 $256,800 231,240 393,600 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
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