Question

The records of Monde Menswear report the following data for the month of September:
Instructions
(a) Estimate the ending inventory using the conventional retail inventory method.
(b) Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $42,000, estimate the loss due to shrinkage and theft.
(c) Identify four reasons why the estimate of inventory may be different from the actual inventory at cost.


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  • CreatedSeptember 18, 2015
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