Calculating ending inventory under retail inventory method

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Reference no: EM13356555

Calculating Ending Inventory under Retail Inventory Method and calculation of loss from Shrinkage at Cost & Retail.

The records of Alaina Co. provide the following information for the year ended December 31:

	At Cost	At Retail
Jan. 1 Beginning Iventory	$ 81,670	$114,610
Cost of goods purchased	492,250	751,730
Sales		786,120
Sales Returns		4,480

Required

1. Use the retail inventory method to estimate the company's year-end inventory.

2. A year-end physical inventory at retail prices yields a total inventory of $78,550. Prepare a calculation Showing the company's loss from shrinkage at cost and at retail.

Reference no: EM13356555

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