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The records of Blue Spruce Menswear report the following data for the month of September: Sales $118,200 Purchases (at cost) $65,200 114,000 Sales returns Additional markups Markup cancellations Markdowns 3,000 Purchases (at sales price) 11,000 Purchase returns (at cost) 2,100 Purchase returns (at sales price) 10,300 Beginning inventory (at cost) Markdown cancellations Freight on purchases 3,700 Beginning inventory (at sales price) 4,300 LINK TO TEXT 3,000 3,500 Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.) Ending inventory, at retail $ Ending inventory, at cost s 34,200 48,800 Estimated loss due to shrinkage and theft s Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $41,300, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.)

The records of Blue Spruce Menswear report the following data for the month of September: Sales $118,200 Purchases (at cost) $65,200 114,000 Sales returns Additional markups Markup cancellations Markdowns 3,000 Purchases (at sales price) 11,000 Purchase returns (at cost) 2,100 Purchase returns (at sales price) 10,300 Beginning inventory (at cost) Markdown cancellations Freight on purchases 3,700 Beginning inventory (at sales price) 4,300 LINK TO TEXT 3,000 3,500 Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.) Ending inventory, at retail $ Ending inventory, at cost s 34,200 48,800 Estimated loss due to shrinkage and theft s Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $41,300, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.)

FINANCIAL ACCOUNTING
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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Exercise 8-26 The records of Blue Spruce Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $118,200 Purchases (at cost) 3,000 Purchases (at sales price) 11,000 Purchase returns (at cost) 2,100 Purchase returns (at sales price) 10,300 Beginning inventory (at cost) 3,700 Beginning inventory (at sales price) 4,300 LINK TO TEXT Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.) Ending inventory, at retail Ending inventory, at cost $ $65,200 114,000 3,000 3,500 34,200 48,800 Estimated loss due to shrinkage and theft $ Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $41,300, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.)
Transcribed Image Text:Exercise 8-26 The records of Blue Spruce Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $118,200 Purchases (at cost) 3,000 Purchases (at sales price) 11,000 Purchase returns (at cost) 2,100 Purchase returns (at sales price) 10,300 Beginning inventory (at cost) 3,700 Beginning inventory (at sales price) 4,300 LINK TO TEXT Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.) Ending inventory, at retail Ending inventory, at cost $ $65,200 114,000 3,000 3,500 34,200 48,800 Estimated loss due to shrinkage and theft $ Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $41,300, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.)
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