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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.)

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.)

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 Grouper Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $118,000 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) 1,600 Purchase returns (at sales price) 9,500 Beginning inventory (at cost) 3,000 12,600 2,900 3 4,300 C Beginning inventory (at sales price) $66,400 112,000 Senter a dollar amount 3,200 3,400 33,500 48,800 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 Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $41,300, 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 Grouper Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $118,000 Purchases (at cost) Purchases (at sales price) Purchase returns (at cost) 1,600 Purchase returns (at sales price) 9,500 Beginning inventory (at cost) 3,000 12,600 2,900 3 4,300 C Beginning inventory (at sales price) $66,400 112,000 Senter a dollar amount 3,200 3,400 33,500 48,800 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 Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $41,300, 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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