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The records of Alaska Company provide the following information for the year ended December 31. At Retail $ 929,150 6,281,350 5,515,700 46,600 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 $1,695,800. Prepare a calculation showing the company loss from shrinkage at cost and at retail. Complete this question by entering your answers in the tabs below. At Cost $ 473,350 2,555,060 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. (i.e. 10.15%) Beginning inventory Cost of goods purchased Cost of goods available for sale Net sales at retail Estimated ending inventory $ $ At Cost 473,350 2,555,060 3,028,410 Cost-to-Retail Ratio Required 1 $ 42.00% At Retail 929, 150 6,281,350 42.00% $ 7,210,500 Required 2 >

The records of Alaska Company provide the following information for the year ended December 31. At Retail $ 929,150 6,281,350 5,515,700 46,600 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 $1,695,800. Prepare a calculation showing the company loss from shrinkage at cost and at retail. Complete this question by entering your answers in the tabs below. At Cost $ 473,350 2,555,060 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. (i.e. 10.15%) Beginning inventory Cost of goods purchased Cost of goods available for sale Net sales at retail Estimated ending inventory $ $ At Cost 473,350 2,555,060 3,028,410 Cost-to-Retail Ratio Required 1 $ 42.00% At Retail 929, 150 6,281,350 42.00% $ 7,210,500 Required 2 >

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 $ 929,150 6,281,350 5,515,700 46,600 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 $1,695,800. 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. At Cost $ 473,350 2,555,060 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. (i.e. 10.15%) Beginning inventory Cost of goods purchased Cost of goods available for sale Net sales at retail Estimated ending inventory $ $ At Cost 473,350 2,555,060 3,028,410 Cost-to-Retail Ratio < Required 1 $ 42.00% At Retail 929, 150 6,281,350 42.00% $ 7,210,500 Required 2 >
Transcribed Image Text:The records of Alaska Company provide the following information for the year ended December 31. At Retail $ 929,150 6,281,350 5,515,700 46,600 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 $1,695,800. 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. At Cost $ 473,350 2,555,060 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. (i.e. 10.15%) Beginning inventory Cost of goods purchased Cost of goods available for sale Net sales at retail Estimated ending inventory $ $ At Cost 473,350 2,555,060 3,028,410 Cost-to-Retail Ratio < Required 1 $ 42.00% At Retail 929, 150 6,281,350 42.00% $ 7,210,500 Required 2 >
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