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Prepare a calculation showing the company loss

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Reference no: EM133091334

Question - A company uses the retail inventory method and has the following information available concerning its most recent accounting period:

 

At Cost

At Retail

January 1 beginning inventory

$167,340

$304,240

Cost of goods purchased

561,850

1,021,560

Sales

 

940,400

Sales returns

 

40,200

Required -

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

2. A year-end physical count at retail prices yields a total inventory of $404,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail.

Reference no: EM133091334

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