Estimate the ending inventory using the retail inventory method. (Round Intermediate calculations to 2 de e calculations to 2 decimal place, g 15.21% and the final answers to 0 decimal places, eg. 5,275) Ending inventory, at retail Ending inventory, at cost $ 52.600 Estimated loss due to shrinkage and theft $ 26300 Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $41,500, estimate the loss due to shrinkage and theft. (Round Intermediate calculations to 2 decimal places, eg. 15.21% and the final answer to O decimal places, eg. 5,275)
Estimate the ending inventory using the retail inventory method. (Round Intermediate calculations to 2 de e calculations to 2 decimal place, g 15.21% and the final answers to 0 decimal places, eg. 5,275) Ending inventory, at retail Ending inventory, at cost $ 52.600 Estimated loss due to shrinkage and theft $ 26300 Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $41,500, estimate the loss due to shrinkage and theft. (Round Intermediate calculations to 2 decimal places, eg. 15.21% and the final answer to O decimal places, eg. 5,275)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Estimate the ending inventory using the retail inventory method. (Round Intermediate calculations to 2 decimal place, eg 15.21% and
the final answers to O decimal places, eg. 5,275.)
Ending inventory, at retail
Ending inventory, at cost
$
52.600
Estimated loss due to shrinkage and theft $
26300
Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of
September was $41,500, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, eg.
15.21% and the final answer to O decimal places, eg. 5,275.)
C
Transcribed Image Text:The records of Concord Menswear report the following data for the month of September:
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
Sales returns
Additional markups
Markup cancellations
Markdowns
Markdown cancellations
Freight on purchases
$117,700
3,000
10,900
2,300
10,200
3,300
3,800
$65,600
121,000
2,600 >>
3,400
36,926
48,000
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