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Estimate ending inventory using the retail inventory method

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Reference no: EM133069748

Question - The records of Sheffield Menswear report the following data for the month of September:

Sales

$118,600

Purchases (at cost)

$60,700

Sales returns

2,900

Purchases (at sales price)

122,000

Additional markups

10,900

Purchase returns (at cost)

2,800

Markup cancellations

1,900

Purchase returns (at sales price)

4,100

Markdowns

9,600

Beginning inventory (at cost)

33,300

Markdown cancellations

3,500

Beginning inventory (at sales price)

48,400

Freight on purchases

3,800

 

 

Required -

1. Estimate the ending inventory using the retail inventory method.

2. Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $41,100, estimate the loss due to shrinkage and theft.

Reference no: EM133069748

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