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Headgear Etc has three lines of hats: baseball, winter, and fashion. On May 18, 2023, Headgear Etc had a fire that destroyed the baseball hat inventory. Sales for the period January 1 to May 18 for the baseball hats were $780,000. Inventory at January 1, 2023, for the baseball hats was $99,000 (cost), $305,000 (retail). Purchases made from January 1 to May 18 for the baseball hats at cost were $245,000 and at retail were $715,000. Use the retail method to calculate the cost of the inventory lost in the fire. Complete the table below. (Enter the cost-to-retail ratio as a percentage rounded the nearest whole number, X%. Round the estimated ending inventory at cost to the nearest whole dollar.) At Retail Baseball Hats Beginning inventory Cost of goods purchased Goods available for sale Less: Sales at retail Ending inventory remaining at retail Cost to retail ratio: Estimated ending inventory at cost At Cost

Headgear Etc has three lines of hats: baseball, winter, and fashion. On May 18, 2023, Headgear Etc had a fire that destroyed the baseball hat inventory. Sales for the period January 1 to May 18 for the baseball hats were $780,000. Inventory at January 1, 2023, for the baseball hats was $99,000 (cost), $305,000 (retail). Purchases made from January 1 to May 18 for the baseball hats at cost were $245,000 and at retail were $715,000. Use the retail method to calculate the cost of the inventory lost in the fire. Complete the table below. (Enter the cost-to-retail ratio as a percentage rounded the nearest whole number, X%. Round the estimated ending inventory at cost to the nearest whole dollar.) At Retail Baseball Hats Beginning inventory Cost of goods purchased Goods available for sale Less: Sales at retail Ending inventory remaining at retail Cost to retail ratio: Estimated ending inventory at cost At Cost

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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Headgear Etc has three lines of hats: baseball, winter, and fashion. On May 18, 2023, Headgear Etc had a fire that destroyed the baseball hat inventory. Sales for the period January 1 to May 18 for the baseball hats were $780,000. Inventory at January 1, 2023, for the baseball hats was $99,000 (cost), $305,000 (retail). Purchases made from January 1 to May 18 for the baseball hats at cost were $245,000 and at retail were $715,000. Use the retail method to calculate the cost of the inventory lost in the fire. Complete the table below. (Enter the cost-to-retail ratio as a percentage rounded to the nearest whole number, X%. Round the estimated ending inventory t cost to the nearest whole dollar.) At Retail Baseball Hats Beginning inventory Cost of goods purchased Goods available for sale Less: Sales at retail Ending inventory remaining at retail Cost to retail ratio: % Estimated ending inventory at cost At Cost
Transcribed Image Text:Headgear Etc has three lines of hats: baseball, winter, and fashion. On May 18, 2023, Headgear Etc had a fire that destroyed the baseball hat inventory. Sales for the period January 1 to May 18 for the baseball hats were $780,000. Inventory at January 1, 2023, for the baseball hats was $99,000 (cost), $305,000 (retail). Purchases made from January 1 to May 18 for the baseball hats at cost were $245,000 and at retail were $715,000. Use the retail method to calculate the cost of the inventory lost in the fire. Complete the table below. (Enter the cost-to-retail ratio as a percentage rounded to the nearest whole number, X%. Round the estimated ending inventory t cost to the nearest whole dollar.) At Retail Baseball Hats Beginning inventory Cost of goods purchased Goods available for sale Less: Sales at retail Ending inventory remaining at retail Cost to retail ratio: % Estimated ending inventory at cost At Cost
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