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Exercise 8-26 The records of Marigold Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $118,300 Purchases (at cost) 2,600 Purchases (at sales price) 10,900 Purchase returns (at cost) LINK TO TEXT 2,500 Purchase returns (at sales price) 9,900 Beginning inventory (at cost) 3,100 Beginning inventory (at sales price) 4,200 $ 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 $ Ending inventory, at cost $67,600 121,000 3,400 3,600 41,400 49,800 Estimated loss due to shrinkage and theft s Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $40,500, 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.)

Exercise 8-26 The records of Marigold Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $118,300 Purchases (at cost) 2,600 Purchases (at sales price) 10,900 Purchase returns (at cost) LINK TO TEXT 2,500 Purchase returns (at sales price) 9,900 Beginning inventory (at cost) 3,100 Beginning inventory (at sales price) 4,200 $ 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 $ Ending inventory, at cost $67,600 121,000 3,400 3,600 41,400 49,800 Estimated loss due to shrinkage and theft s Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $40,500, 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.)

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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Exercise 8-26 The records of Marigold Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations. Markdowns Markdown cancellations Freight on purchases $118,300 Purchases (at cost) 2,600 Purchases (at sales price) 10,900 Purchase returns (at cost) 2,500 Purchase returns (at sales price) LINK TO TEXT 9,900 Beginning inventory (at cost) 3,100 Beginning inventory (at sales price) 4,200 $ $67,600 121,000 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.) Ending inventory, at retail Ending inventory, at cost 3,400 3,600 Estimated loss due to shrinkage and theft $ 41,400 49,800 Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $40,500, 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.)
Transcribed Image Text:Exercise 8-26 The records of Marigold Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations. Markdowns Markdown cancellations Freight on purchases $118,300 Purchases (at cost) 2,600 Purchases (at sales price) 10,900 Purchase returns (at cost) 2,500 Purchase returns (at sales price) LINK TO TEXT 9,900 Beginning inventory (at cost) 3,100 Beginning inventory (at sales price) 4,200 $ $67,600 121,000 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.) Ending inventory, at retail Ending inventory, at cost 3,400 3,600 Estimated loss due to shrinkage and theft $ 41,400 49,800 Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $40,500, 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.)
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