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How much of the inventory was lost due to theft

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Question - Skandia Company reports goods available for sale at cost, $105,000. Beginning inventory at retail is $50,000 and goods purchased during the period at retail were $100,000. Sales for the period amounted to $90,000.

Determine the estimated cost of the ending inventory using the retail inventory method.

The physical count of the inventory amounted to $35,000. How much of the inventory was lost due to theft?

Reference no: EM132981217

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