Problem 6-9AB (Algo) Retail inventory method LO P4 The records of Alaska Company provide the following information for the year ended December 31. Beginning inventory, January 1 Cost of goods purchased Sales At Cost $ 473,350 2,555,060 At Retail $ 929,150 ped Sales returns 6,281,350 5,515,700 46,600 ok Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,695,800. Prepare a calculatio loss from shrinkage at cost and at retail. nt Complete this question by entering your answers in the tabs below. ences Required 1 Required 2 A year-end physical inventory at retail prices yields a total inventory of $1,695,800. Prepare a calculation showing company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 Estimated inventory Physical inventory Inventory shortage At Cost At Retail
Problem 6-9AB (Algo) Retail inventory method LO P4 The records of Alaska Company provide the following information for the year ended December 31. Beginning inventory, January 1 Cost of goods purchased Sales At Cost $ 473,350 2,555,060 At Retail $ 929,150 ped Sales returns 6,281,350 5,515,700 46,600 ok Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,695,800. Prepare a calculatio loss from shrinkage at cost and at retail. nt Complete this question by entering your answers in the tabs below. ences Required 1 Required 2 A year-end physical inventory at retail prices yields a total inventory of $1,695,800. Prepare a calculation showing company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 Estimated inventory Physical inventory Inventory shortage At Cost At Retail
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 7.3APR: Weighted average cost method with perpetual inventory The beginning inventory for Funky Party...
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