Olivias Dress Shop had net retail sales of $125,000 during the current year. The following additional information
Question:
1. Using the retail method, estimate the companys ending inventory at cost.
2. Assume that a physical inventory taken at year end revealed an inventory on hand of $9,000 at retail value. What is the estimated amount of inventory shrinkage (loss due to theft, damage, etc.) at cost using the retail method?
Ending InventoryThe 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 =...
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At Cost At Retail Beginningnventory Net purchases (excluding freight-in) Freight-in $20,000 70,000 5.200 S 30,000 110,000
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