Please do not give solution in image format thanku Use the retail inventory method to estimate the company's year-end inventory at cost.Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%)Beginning inventoryCost of goods purchasedNet sales at retailEstimated inventoryPhysical inventoryInventory shortage$472,3503,996,920$ 4,469,270At CostAt CostCost-to-RetailRatio< Required 1Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%)ALASKA COMPANYInventory ShortageDecember 31At RetailAt Retail928,15026,280,350$ 7,208,500< Required 1$Required 2 >Required 2 > Problem 5-9AB (Algo) Retail inventory method LO P4The records of Alaska Company provide the following information for the year ended December 31.Beginning inventory, January 1Cost of goods purchasedSalesSales returnsAt Cost$ 472,3503,996,920At Retail$ 928,1506,280, 3505,505,70045,600Required:1. Use the retail inventory method to estimate the company's year-end inventory at cost.2. A year-end physical inventory at retail prices yields a total inventory of $1,685,800. Prepare a calculation showing the companloss from shrinkage at cost and at retail.

Cost-retail percentage (CR%) is a key metric used in retail inventory management to track the…

Problem 5-9AB (Algo) Retail inventory method LO P4 The records of Alaska Company provide the following information for the year ended December 31, At Retail $ 928,150 6,280, 350- 5,505,700 45,600 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns At Cost $ 472,350 3,996,920 Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,685,800. Prepare a calculation showing the compar loss from shrinkage at cost and at retail.

Problem 5-9AB (Algo) Retail inventory method LO P4 The records of Alaska Company provide the following information for the year ended December 31, At Retail $ 928,150 6,280, 350- 5,505,700 45,600 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns At Cost $ 472,350 3,996,920 Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,685,800. Prepare a calculation showing the compar loss from shrinkage at cost and at retail.

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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