Answered: Estimate the ending inventory using the…

Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.)

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...

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Question

Please do not give solution in image format thanku

The records of Grouper Menswear report the following data for the month of September:
Sales
Sales returns
Additional markups
Markup cancellations
Markdowns
Markdown cancellations
Freight on purchases
$118,000
Purchases (at cost)
Purchases (at sales price)
Purchase returns (at cost)
1,600
Purchase returns (at sales price)
9,500 Beginning inventory (at cost)
3,000
12,600
2,900
3
4,300
C
Beginning inventory (at sales price)
$66,400
112,000
Senter a dollar amount
3,200
3,400
33,500
48,800
Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place,
e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.)
Ending inventory, at retail
Senter a dollar amount
Ending inventory, at cost
Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of
September was $41,300, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal
places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.)
Estimated loss due to shrinkage and theft
Senter the Estimated loss due to shrinkage and theft in dollars.

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