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.

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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)

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On January 1, Park Corporation and Strand Corporation had condensed balance sheets as follows: Items Current assets Noncurrent assets Total assets Current liabilities Long-term debt Stockholders' equity Total liabilities and equities Park $ 70,000 90,000 Strand $ 20,000 40,000 $ 60,000 $ 160,000 $ 30,000 $ 10,000 50,000 Ө 80,000 50,000 $ 160,000 $ 60,000 On January 2, Park borrowed $60,000 and used the proceeds to obtain 80 percent of the outstanding common shares of Strand. The acquisition price was considered proportionate to Strand's total fair value. The $60,000 debt is payable in 10 equal annual principal payments, plus interest, beginning December 31. The excess fair value of the investment over the underlying book value of the acquired net assets is allocated to inventory (60 percent) and to goodwill (40 percent). Required: On a consolidated balance sheet as of January 2, calculate the amounts for each of the following: a. Current assets b. Noncurrent assets c. Current…

Provide answer A B C

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

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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)