l am not able to sloven the second part of inventory shortage based on question
ID: 341514 • Letter: L
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l am not able to sloven the second part of inventory shortage based on question below
l am not able to determine how make calculation based on the steps on appendix 5B
value 3.57 points Problem 5-9AB Retail inventory method LO P4 The records of Alaska Company provide the following information for the year ended December 31 At Retail 469,010 $ 928,950 3,376,050 6,381,050 5,595,800 42,800 At Cost January 1 beginning inventory Cost of goods purchased Sales Sales returns Required 1. Use the retail inventory method to estimate the company's year-end inventory at cost. (Round your ratio calculations to 2 decimal places (ie, 10.15%).) Cost-to-Retail At Cost $469,010 $ 3,845,060 $ 924,182 At Retail $ 928,950 6,381,050 52.60%) $ 7,310,000 5,553,000 52.60% $ 1,757,000 Beginning inventory Cost of goods purchased 3,376,050 ost of goods available for sale Net sales at retail stimated Ending inventoryExplanation / Answer
Req 1: AT COST COST TO RETAIL RATIO AT RETAIL Beginning Inventory 469010 928950 Cost of goods purchased 3376050 6381050 Cost of goods available for sale 3845060 52.60% 7310000 Net sales at retail 5553000 Estimated Ending inventory 924182 52.60% 1757000 Req 2: ALASKA COMPANY AT COST AT RETAIL Estimated inventory 924182 1757000 Physical Inventory 887309.4 1686900 Inventory Shrinkage 36872.6 70100 Note: Physical Inventory at cost is 52.60% of Physical inventory at retail
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