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The records of Alaska Company provide the following information for the year ended December 31 At Cost $ 472,950 2,843,512 At Retail $ 928,750 6,280,950 5,511,700 46,200 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns 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 $1,691,800 Prepare a calculation showing the company's loss from shrinkage at cost and at retail

The records of Alaska Company provide the following information for the year ended December 31 At Cost $ 472,950 2,843,512 At Retail $ 928,750 6,280,950 5,511,700 46,200 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns 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 $1,691,800 Prepare a calculation showing the company's loss from shrinkage at cost and at retail

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The records of Alaska Company provide the following information for the year ended December 31 At Retail Beginning inventory, January 1 Cost of goods purchased Sales Sales returns 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 $1,691,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail Complete this question by entering your answers in the tabs below. Beginning inventory Cost of goods purchased Required 1 Required 2 Use the retail inventory method to estimate the company's year-end inventory at cost. Note: Round your ratio calculations to 2 decimal places. (L.e. 10.15%) Not sales at retail At Cost $ 472,950 2,843,512 S $ $.928,750 6,280,950 5,511,700 46,200 At Cost 472.950 2.843,512) 3,316,462 Cost-to-Retail Ratio At Retail S 928,750 6,280,950 $ 7,209,700 Prov 1 of 1 ⠀ Next
Transcribed Image Text:The records of Alaska Company provide the following information for the year ended December 31 At Retail Beginning inventory, January 1 Cost of goods purchased Sales Sales returns 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 $1,691,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail Complete this question by entering your answers in the tabs below. Beginning inventory Cost of goods purchased Required 1 Required 2 Use the retail inventory method to estimate the company's year-end inventory at cost. Note: Round your ratio calculations to 2 decimal places. (L.e. 10.15%) Not sales at retail At Cost $ 472,950 2,843,512 S $ $.928,750 6,280,950 5,511,700 46,200 At Cost 472.950 2.843,512) 3,316,462 Cost-to-Retail Ratio At Retail S 928,750 6,280,950 $ 7,209,700 Prov 1 of 1 ⠀ Next
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 $1,691,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Complete this question by entering your answers in the tabs below. Required 1 Required 2 A year-end physical inventory at retail prices yields a total inventory of $1,691,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 Estimated inventory Physical inventory Inventory shortage At Cost At Retail < Required 1
Transcribed Image Text: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 $1,691,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Complete this question by entering your answers in the tabs below. Required 1 Required 2 A year-end physical inventory at retail prices yields a total inventory of $1,691,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 Estimated inventory Physical inventory Inventory shortage At Cost At Retail < Required 1
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