Question: Joan s Dress Shop had net retail sales of 250 000 during

Joan’s Dress Shop had net retail sales of $250,000 during the current year. The following additional information was obtained from the company’s accounting records:


1. Using the retail method, estimate the company’s ending inventory at cost.
2. Assume that a physical inventory taken at year-end revealed an inventory on hand of $18,000 at retail value. What is the estimated amount of inventory shrinkage (loss due to theft, damage, etc.) at cost using the retailmethod?
View Solution:


Sale on SolutionInn
Sales0
Views151
Comments
  • CreatedSeptember 10, 2014
  • Files Included
Post your question
5000