The records of Alaska Company provide the following information for the year ended December 31. At Cost $ 473,050 2,771,405 At Retail $ 928,850 6,281,050 5,512,700 46,300 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 $1,692,800. Prepare a calculation showing the comp 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 $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 At Cost Estimated inventory Physical inventory Inventory shortage At Retail < Required 1 Required 2 >
The records of Alaska Company provide the following information for the year ended December 31. At Cost $ 473,050 2,771,405 At Retail $ 928,850 6,281,050 5,512,700 46,300 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 $1,692,800. Prepare a calculation showing the comp 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 $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 At Cost Estimated inventory Physical inventory Inventory shortage At Retail < Required 1 Required 2 >
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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Question
![The records of Alaska Company provide the following information for the year ended December 31.
At Cost
$ 473,050
2,771,405
At Retail
$928,850
6,281,050
5,512,700
46,300
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 $1,692,800. 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 Re ired 2
A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the
company's loss from shrinkage at cost and at retail.
Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%)
ALASKA COMPANY
Inventory Shortage
December 31
At Cost
Estimated inventory
Physical inventory
Inventory shortage
Required 1
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 $1,692,800. Pr
loss from shrinkage at cost and at retail.
At Retail
< Required 1
Complete this question by entering your answers in the tabs below.
Required 2
Beginning inventory
Cost of goods purchased
Net sales at retail
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%)
Required 2 >
$
$
At Cost
473,050
2,771,405
3,244,455
Cost-to-Retail
Ratio
< Required 1
$
At Retail
928,850
6,281,050
$ 7,209,900
Required 2 >
PIC COLLAGE](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F65b1a488-e3f9-422d-916a-2a3fe560587a%2Fc1475989-404f-4cba-b5e7-c7a7997bbf8a%2Fmwel2ns_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The records of Alaska Company provide the following information for the year ended December 31.
At Cost
$ 473,050
2,771,405
At Retail
$928,850
6,281,050
5,512,700
46,300
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 $1,692,800. 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 Re ired 2
A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the
company's loss from shrinkage at cost and at retail.
Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%)
ALASKA COMPANY
Inventory Shortage
December 31
At Cost
Estimated inventory
Physical inventory
Inventory shortage
Required 1
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 $1,692,800. Pr
loss from shrinkage at cost and at retail.
At Retail
< Required 1
Complete this question by entering your answers in the tabs below.
Required 2
Beginning inventory
Cost of goods purchased
Net sales at retail
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%)
Required 2 >
$
$
At Cost
473,050
2,771,405
3,244,455
Cost-to-Retail
Ratio
< Required 1
$
At Retail
928,850
6,281,050
$ 7,209,900
Required 2 >
PIC COLLAGE
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