Question

Blue Jeans Shop had net retail sales of $390,000 during the current year. The following additional information was obtained from the company’s accounting records:


Using the retail method, estimate the company’s ending inventory at cost. Assuming that a physical count taken at year-end revealed an inventory of $132,000 at retail value, what is the estimated amount of inventory shrinkage (loss due to theft, damage, etc.) at cost using the retailmethod?


$1.99
Sales4
Views177
Comments0
  • CreatedMarch 26, 2014
  • Files Included
Post your question
5000