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Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.) Ending inventory, at retail Senter a dollar amount Ending inventory, at cost Senter a dollar amount Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $40,000, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Senter the Estimated loss due to shrinkage and theft in dollars Estimated loss due to shrinkage and theft

Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.) Ending inventory, at retail Senter a dollar amount Ending inventory, at cost Senter a dollar amount Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $40,000, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Senter the Estimated loss due to shrinkage and theft in dollars Estimated loss due to shrinkage and theft

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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The records of Ayayai Menswear report the following data for the month of September: Sales $117,500 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) Beginning inventory (at sales price) Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases 2,600 10,600 1,600 9,300 2,800 3,600 $59,000 Senter a dollar amount 112,000 2,600 3,400 33,000 48,000 Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.) Senter a dollar amount Ending inventory, at retail Ending inventory, at cost Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $40,000, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Estimated loss due to shrinkage and theft Senter the Estimated loss due to shrinkage and theft in dollars
Transcribed Image Text:The records of Ayayai Menswear report the following data for the month of September: Sales $117,500 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) Purchase returns (at sales price) Beginning inventory (at cost) Beginning inventory (at sales price) Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases 2,600 10,600 1,600 9,300 2,800 3,600 $59,000 Senter a dollar amount 112,000 2,600 3,400 33,000 48,000 Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.) Senter a dollar amount Ending inventory, at retail Ending inventory, at cost Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $40,000, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.) Estimated loss due to shrinkage and theft Senter the Estimated loss due to shrinkage and theft in dollars
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