Use the information to answer the following questions: a. What is the $ value of the closing
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Question:
a. What is the $ value of the closing actual closing book inventory?
b. What is the $ value of the Book Inventory?
c. What the the dollar value of the Planned Shortage?
d. What is the actual $ shortage/overage?
Opening Inventory | $230,000 |
Gross Sales | $315,000 |
Markdowns | $ 15,000 |
Purchases at Retail | $340,000 |
Customer Returns | $ 39,500 |
Returns to Vendors | $ 22,000 |
Transfers In | $ 15,300 |
Physical Inventory | $260,000 |
Planned Shortage | 2% |
Related Book For
Principles of Accounting
ISBN: 978-0618736614
10th edition
Authors: Belverd Needles, Marian Powers, Susan Crosson
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