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The records of Earthly Goods provided the following information for the year ended December 31, 2020. At Retail $ 521, 35e $ 977,15e 6,448,780 129,35e 5,595,780 At Cost January 1 beginning inventory Purchases 4,138,245 Purchase returns 62, 8ee Sales Sales returns 49,6ee Requlred: 1. Prepare an estimate of the company's year-end inventory by the retail 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 96 Estimated ending inventory at cost

The records of Earthly Goods provided the following information for the year ended December 31, 2020. At Retail $ 521, 35e $ 977,15e 6,448,780 129,35e 5,595,780 At Cost January 1 beginning inventory Purchases 4,138,245 Purchase returns 62, 8ee Sales Sales returns 49,6ee Requlred: 1. Prepare an estimate of the company's year-end inventory by the retail 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 96 Estimated ending inventory at cost

Intermediate Accounting: Reporting And Analysis
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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2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,685,800, prepare a schedule showing 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
Transcribed Image Text:2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,685,800, prepare a schedule showing 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
The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 350 5,595,700 49,600 Purchases Purchase returns Sales 62, 800 Sales returns 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
Transcribed Image Text:The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 350 5,595,700 49,600 Purchases Purchase returns Sales 62, 800 Sales returns 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
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