Reference no: EM132870494
Question - Market is a retail store selling small appliances and sporting goods.
The business follows a policy of selling all merchandize at a price exactly twice its cost to the store and uses a periodic inventory system.
Net sales $580,000
Inventory, January 1 $58,000
Purchases during the year $297,000
A physical count indicates merchandize costing $49,250 is on hand at December 31.
Required -
Determine the gross profit for the year.
On seeing the gross profit figures the store owner makes the following comment: "Inventory shrinkage losses (shoplifting) are really costing me a lot". Do you agree with the owner? If yes, how much?
Assume the store can eliminate the shoplifting by hiring a security guard at a cost of $1,800 per month. Would this strategy be profitable? Explain.
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