The ending inventory at cost with the use of retail inventory method. Given info, The beginning inventory at cost is $469,010. The beginning inventory at retail is $928,950. The cost of goods purchased at cost is $3,376,050. The cost of goods purchased at retail is $6,381,050. Sales amount to $5,595,800. Sales returns amount to $42,800.

Question

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Answer 1

Question

Chapter 5, Problem 9PSA

1.

To determine

The ending inventory at cost with the use of retail inventory method.

Given info,
The beginning inventory at cost is $469,010.
The beginning inventory at retail is $928,950.
The cost of goods purchased at cost is $3,376,050.
The cost of goods purchased at retail is $6,381,050.
Sales amount to $5,595,800.
Sales returns amount to $42,800.

2.

To determine

Company’s loss from shrinkage at cost and at retail.

Given info,
Physical inventory at retail is $1,686,900.

Inventory shortage:

Particulars

At cost ($)

At retail ($)

Estimated inventory (part 1)

924,182

1,757,000

Less: physical inventory

887,309

1,686,900

Inventory shortage

36,873

70,100
Table (2)

Table (2)

Expert Solution & Answer

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Answer 2

Question

Chapter 5, Problem 9PSA

1.

To determine

The ending inventory at cost with the use of retail inventory method.

Given info,
The beginning inventory at cost is $469,010.
The beginning inventory at retail is $928,950.
The cost of goods purchased at cost is $3,376,050.
The cost of goods purchased at retail is $6,381,050.
Sales amount to $5,595,800.
Sales returns amount to $42,800.

2.

To determine

Company’s loss from shrinkage at cost and at retail.

Given info,
Physical inventory at retail is $1,686,900.

Inventory shortage:

Particulars

At cost ($)

At retail ($)

Estimated inventory (part 1)

924,182

1,757,000

Less: physical inventory

887,309

1,686,900

Inventory shortage

36,873

70,100
Table (2)

Table (2)

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 5, Problem 9PSA

1.

To determine

The ending inventory at cost with the use of retail inventory method.

Given info,
The beginning inventory at cost is $469,010.
The beginning inventory at retail is $928,950.
The cost of goods purchased at cost is $3,376,050.
The cost of goods purchased at retail is $6,381,050.
Sales amount to $5,595,800.
Sales returns amount to $42,800.

2.

To determine

Company’s loss from shrinkage at cost and at retail.

Given info,
Physical inventory at retail is $1,686,900.

Inventory shortage:

Particulars

At cost ($)

At retail ($)

Estimated inventory (part 1)

924,182

1,757,000

Less: physical inventory

887,309

1,686,900

Inventory shortage

36,873

70,100
Table (2)

Table (2)

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 5, Problem 9PSA

1.

To determine

The ending inventory at cost with the use of retail inventory method.

Given info,
The beginning inventory at cost is $469,010.
The beginning inventory at retail is $928,950.
The cost of goods purchased at cost is $3,376,050.
The cost of goods purchased at retail is $6,381,050.
Sales amount to $5,595,800.
Sales returns amount to $42,800.

2.

To determine

Company’s loss from shrinkage at cost and at retail.

Given info,
Physical inventory at retail is $1,686,900.

Inventory shortage:

Particulars

At cost ($)

At retail ($)

Estimated inventory (part 1)

924,182

1,757,000

Less: physical inventory

887,309

1,686,900

Inventory shortage

36,873

70,100
Table (2)

Table (2)

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 5, Problem 9PSA

1.

To determine

The ending inventory at cost with the use of retail inventory method.

Given info,
The beginning inventory at cost is $469,010.
The beginning inventory at retail is $928,950.
The cost of goods purchased at cost is $3,376,050.
The cost of goods purchased at retail is $6,381,050.
Sales amount to $5,595,800.
Sales returns amount to $42,800.

2.

To determine

Company’s loss from shrinkage at cost and at retail.

Given info,
Physical inventory at retail is $1,686,900.

Inventory shortage:

Particulars

At cost ($)

At retail ($)

Estimated inventory (part 1)

924,182

1,757,000

Less: physical inventory

887,309

1,686,900

Inventory shortage

36,873

70,100
Table (2)

Table (2)

Answer 6

Chapter 5, Problem 9PSA

1.

To determine

The ending inventory at cost with the use of retail inventory method.

Given info,
The beginning inventory at cost is $469,010.
The beginning inventory at retail is $928,950.
The cost of goods purchased at cost is $3,376,050.
The cost of goods purchased at retail is $6,381,050.
Sales amount to $5,595,800.
Sales returns amount to $42,800.

Answer 7

Chapter 5, Problem 9PSA

1.

To determine

The ending inventory at cost with the use of retail inventory method.

Given info,
The beginning inventory at cost is $469,010.
The beginning inventory at retail is $928,950.
The cost of goods purchased at cost is $3,376,050.
The cost of goods purchased at retail is $6,381,050.
Sales amount to $5,595,800.
Sales returns amount to $42,800.

Answer 8

2.

To determine

Company’s loss from shrinkage at cost and at retail.

Given info,
Physical inventory at retail is $1,686,900.

Inventory shortage:

Particulars

At cost ($)

At retail ($)

Estimated inventory (part 1)

924,182

1,757,000

Less: physical inventory

887,309

1,686,900

Inventory shortage

36,873

70,100
Table (2)

Table (2)

Answer 9

2.

To determine

Company’s loss from shrinkage at cost and at retail.

Given info,
Physical inventory at retail is $1,686,900.

Inventory shortage:

Particulars

At cost ($)

At retail ($)

Estimated inventory (part 1)

924,182

1,757,000

Less: physical inventory

887,309

1,686,900

Inventory shortage

36,873

70,100
Table (2)

Table (2)

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 5 - Prob. 1MCQ Ch. 5 - Prob. 2MCQ Ch. 5 - Prob. 3MCQ Ch. 5 - Prob. 4MCQ Ch. 5 - Prob. 5MCQ Ch. 5 - Prob. 6MCQ Ch. 5 - Describe how costs flow inventory to cost of goods...Ch. 5 - Where is the amount of merchandise inventory...Ch. 5 - Why are incidental costs sometimes ignored in...Ch. 5 - Prob. 4DQ

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Chapter 5 Solutions

Particulars	At cost ($)	At retail ($)
Estimated inventory (part 1)	924,182	1,757,000
Less: physical inventory	887,309	1,686,900
Inventory shortage	36,873	70,100
Table (2)