Question: Petcetera had a robbery on the weekend in which a large amount of inventory was taken. The loss is totally covered by insurance. A physical

Petcetera had a robbery on the weekend in which a large amount of inventory was taken. The loss is totally covered by insurance. A physical inventory count determined that the cost of the remaining merchandise is $58,500. The following additional information is available:

Required:
1. Prepare an estimate of ending merchandise inventory using the retail method.
2. Calculate the cost of the stolen inventory.

At Retail Beginning merchandise inventory. 75,000 93,750 20,000 1,275,000 1,731,250 At Cost 15,000 Transportation-in.. Sales. 18,750 1,642,500 18,000

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