The records of Earthly Goods provided the following information
for the year ended December 31, 2020.
At Cost | At Retail | |||||
January 1 beginning inventory | $ | 466,350 | $ | 922,150 | ||
Purchases | 3,184,200 | 6,393,700 | ||||
Purchase returns | 51,800 | 118,350 | ||||
Sales | 5,485,700 | |||||
Sales returns | 44,100 | |||||
Required:
1. Prepare an estimate of the company’s year-end inventory
by the retail method. (Round all calculations to two
decimal places.)
2 Under the assumption the company took a
year-end physical inventory at marked selling prices that totalled
$1,674,800, prepare a schedule showing the store’s loss from theft
or other causes at cost and at retail.
Get Answers For Free
Most questions answered within 1 hours.