Assume that in addition to estimating its ending inventory by the retail method, Harmony Co. of Exercise

Question:

Assume that in addition to estimating its by the retail method, Harmony Co. of Exercise 6-10 also took a physical inventory at the marked selling prices of the inventory items at the end of 2014. Assume further that the total of this physical inventory at marked selling prices was $109,200.
a. Determine the amount of this inventory at cost.
b. Determine Harmony's 2014 inventory shrinkage from breakage, theft, or other causes at retail and at cost.
Round all calculations to two decimal places, Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...