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The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Retail $ 521,350 $ 977,150 6,448, 700 129, 35e At Cost January 1 beginning inventory Purchases 4,138, 245 62, 800 Purchase returns Sales 5,595, 700 49, 600 Sales returns

The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Retail $ 521,350 $ 977,150 6,448, 700 129, 35e At Cost January 1 beginning inventory Purchases 4,138, 245 62, 800 Purchase returns Sales 5,595, 700 49, 600 Sales returns

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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The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 350 $ 977,150 6,448, 700 129, 350 5,595, 700 January 1 beginning inventory Purchases 4,138, 245 Purchase returns 62, 800 Sales Sales returns 49, 600 Requlred: 1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
Transcribed Image Text:The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 350 $ 977,150 6,448, 700 129, 350 5,595, 700 January 1 beginning inventory Purchases 4,138, 245 Purchase returns 62, 800 Sales Sales returns 49, 600 Requlred: 1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,685,800, prepare a schedule showlng the store's loss from theft or other causes at cost and at retall. EARTHLY GOODS Inventory Shortage December 31, 2020 At Cost At Retail Estimated inventory. December 31 Physical inventory Inventory shortage
Transcribed Image Text:2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,685,800, prepare a schedule showlng the store's loss from theft or other causes at cost and at retall. EARTHLY GOODS Inventory Shortage December 31, 2020 At Cost At Retail Estimated inventory. December 31 Physical inventory Inventory shortage
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