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
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 7PB: Retail method; gross profit method Selected data on inventory, purchases, and sales for Jaffe Co....
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd4f7692c-f66c-4f95-96ad-45602df2ef0b%2F6deb4c56-192a-4f7f-9dd1-cbce4ad68581%2Fzyakd2ac_processed.png&w=3840&q=75)
Transcribed Image Text: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
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