Only 6b question photo. thanks! The records of Earthly Goods provided the following Information for the year ended December 31, 2020.At CostAt Retail$ 521, 350 $ 977,1506,448, 700129, 3505,595, 700January 1 beginning inventoryPurchases4,138, 245Purchase returns62, 800SalesSales returns49, 600Requlred:1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.)EARTHLY GOODSEstimated InventoryDecember 31, 2020At CostAt RetailGoods available for sale:Goods available for saleCost to retail ratioEstimated ending inventory at cost 2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,685,800, prepare aschedule showlng the store's loss from theft or other causes at cost and at retall.EARTHLY GOODSInventory ShortageDecember 31, 2020At CostAt RetailEstimated inventory. December 31Physical inventoryInventory shortage

The closing inventory represents the value of inventory that remains at the end of accounting…

The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Retail $ 521,350 $ 977,150 6,448, 700 129, 35e At Cost January 1 beginning inventory Purchases 4,138, 245 62, 800 Purchase returns Sales 5,595, 700 49, 600 Sales returns

The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Retail $ 521,350 $ 977,150 6,448, 700 129, 35e At Cost January 1 beginning inventory Purchases 4,138, 245 62, 800 Purchase returns Sales 5,595, 700 49, 600 Sales returns

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for...

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Question

Only 6b question photo. thanks!

The records of Earthly Goods provided the following Information for the year ended December 31, 2020.
At Cost
At Retail
$ 521, 350 $ 977,150
6,448, 700
129, 350
5,595, 700
January 1 beginning inventory
Purchases
4,138, 245
Purchase returns
62, 800
Sales
Sales returns
49, 600
Requlred:
1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.)
EARTHLY GOODS
Estimated Inventory
December 31, 2020
At Cost
At Retail
Goods available for sale:
Goods available for sale
Cost to retail ratio
Estimated ending inventory at cost

2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,685,800, prepare a
schedule showlng the store's loss from theft or other causes at cost and at retall.
EARTHLY GOODS
Inventory Shortage
December 31, 2020
At Cost
At Retail
Estimated inventory. December 31
Physical inventory
Inventory shortage

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