Beginning inventory Net purchases $127,600 231,240 $256, 800 393,600 Assume that In addition to estimating its ending inventory by the retall method, Harmony Co. also took a physical Inventory at the marked selling prices of the Inventory Items at the end of 2020. 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. (Round your Intermedlate calculetlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 inventory shrinkage from breakage, theft, or other causes at retal and at cost. (Round vour Intermediete celculetlone end finel eneware to 2 daclnel plecee
Beginning inventory Net purchases $127,600 231,240 $256, 800 393,600 Assume that In addition to estimating its ending inventory by the retall method, Harmony Co. also took a physical Inventory at the marked selling prices of the Inventory Items at the end of 2020. 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. (Round your Intermedlate calculetlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 inventory shrinkage from breakage, theft, or other causes at retal and at cost. (Round vour Intermediete celculetlone end finel eneware to 2 daclnel plecee
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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