Exercise 6-13 Estimating ending inventory-retail method LO6During 2023, Harmony Co. sold $513,000 of merchandise at marked retail prices. At the end of 2023, the following information wasavailable from its records:Beginning inventoryNet purchasesAt Cost$120,600224, 240Ending inventoryAt Retail$249,800386,600Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answers to 2decimal places.)

Name: Exercise 6-13 Estimating ending inventory-retail method LO6During 202
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Description: Exercise 6-13 Estimating ending inventory-retail method LO6During 2023, Harmony Co. sold $513,000 of merchandise at marked retail prices. At the end of 2023, the following information wasavailable from its records:Beginning inventoryNet purchasesAt

The cost to retail ratio is used to measure the inventory at cost using retail method. The ending…

Business

Accounting

ercise 6-13 Estimating ending inventory-retail method LO6 ing 2023, Harmony Co. sold $513,000 of merchandise at marked retail prices. At the end of 2023, the following information ilable from its records: eginning inventory et purchases At Cost At Retail $120,600 $249,800 224,240 386,600 e the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answers to 2 cimal places.) ding inventory

ercise 6-13 Estimating ending inventory-retail method LO6 ing 2023, Harmony Co. sold $513,000 of merchandise at marked retail prices. At the end of 2023, the following information ilable from its records: eginning inventory et purchases At Cost At Retail $120,600 $249,800 224,240 386,600 e the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answers to 2 cimal places.) ding inventory

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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Do not Give solution in images format The records of Earthly Goods provided the following information for the year ended December 31, 2023. At Cost At Retail January 1 beginning inventory $ 451,350 $ 907,150 Purchases 2,967,585 6,378,700 Purchase returns 48,800 115,350 Sales 5,455,700 Sales returns 42,600 Required: 1. Prepare an estimate of the company’s year-end inventory by the retail method. (Round all calculations to two decimal places.) 2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,671,800, prepare a schedule showing the store’s loss from theft or other causes at cost and at retail.
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