Problem 6-9AB (Algo) Retail inventory method LO P4 The records of Alaska Company provide the following information for the year ended December 31. Beginning inventory, January 1 Cost of goods purchased Sales At Cost $ 473,350 2,555,060 At Retail $ 929,150 ped Sales returns 6,281,350 5,515,700 46,600 ok 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 $1,695,800. Prepare a calculatio loss from shrinkage at cost and at retail. nt Complete this question by entering your answers in the tabs below. ences Required 1 Required 2 A year-end physical inventory at retail prices yields a total inventory of $1,695,800. Prepare a calculation showing company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 Estimated inventory Physical inventory Inventory shortage At Cost At Retail

Problem 6-9AB (Algo) Retail inventory method LO P4 The records of Alaska Company provide the following information for the year ended December 31. Beginning inventory, January 1 Cost of goods purchased Sales At Cost $ 473,350 2,555,060 At Retail $ 929,150 ped Sales returns 6,281,350 5,515,700 46,600 ok 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 $1,695,800. Prepare a calculatio loss from shrinkage at cost and at retail. nt Complete this question by entering your answers in the tabs below. ences Required 1 Required 2 A year-end physical inventory at retail prices yields a total inventory of $1,695,800. Prepare a calculation showing company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 Estimated inventory Physical inventory Inventory shortage At Cost At Retail

Name: Problem 6-9AB (Algo) Retail inventory method LO P4The records of Alas
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Description: Problem 6-9AB (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 purchasedSalesAt Cost$ 473,3502,555,060At Retail$ 929,150ped

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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Question Content Area Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $35 $175 Aug. 7 Purchase 20 units at $36 720 Dec. 11 Purchase 11 units at $37 407 36 units $1,302 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar).
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