Do not Give solution in images formatThe records of Earthly Goods provided the following information for the year ended December 31, 2023. At Cost At Retail January 1 beginning inventory $ 451,350 $ 907,150 Purchases 2,967,585 6,378,700 Purchase returns 48,800 115,350 Sales 5,455,700 Sales returns 42,600 Required:1. Prepare an estimate of the company’s year-end inventory by the retail method. (Round all calculations to two decimal places.)2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,671,800, prepare a schedule showing the store’s loss from theft or other causes at cost and at retail. The records of Earthly Goods provided the following information for the year ended December 31, 2023.At CostAt RetailJanuary 1 beginning inventory $ 451,350Purchases2,967,5856,378,700Purchase returnsSalesSales returns48,8005,455,70042,600$115,350907,150Required:1. Prepare an estimate of the company's year-end inventory by the retail method. (Round all calculations totwo decimal places.)2. Under the assumption the company took a year-end physical inventory at marked selling prices thattotalled $1,671,800, prepare a schedule showing the store's loss from theft or other causes at cost and atretail.

Cost to retail ratio = Cost of goods available for sale/goods available for sale at retail price…

Answered: The records of Earthly Goods provided…

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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Do not Give solution in images format The records of Earthly Goods provided the following information for the year ended December 31, 2023. At Cost At Retail January 1 beginning inventory $ 451,350 $ 907,150 Purchases 2,967,585 6,378,700 Purchase returns 48,800 115,350 Sales 5,455,700 Sales returns 42,600 Required: 1. Prepare an estimate of the company’s year-end inventory by the retail method. (Round all calculations to two decimal places.) 2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,671,800, prepare a schedule showing the store’s loss from theft or other causes at cost and at retail.

The records of Earthly Goods provided the following information for the year ended December 31, 2023.
At Cost
At Retail
January 1 beginning inventory $ 451,350
Purchases
2,967,585
6,378,700
Purchase returns
Sales
Sales returns
48,800
5,455,700
42,600
$
115,350
907,150
Required:
1. Prepare an estimate of the company's year-end inventory by the retail method. (Round all calculations to
two decimal places.)
2. Under the assumption the company took a year-end physical inventory at marked selling prices that
totalled $1,671,800, prepare a schedule showing the store's loss from theft or other causes at cost and at
retail.

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