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Prepare the entry to reflect the estimated loss

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Question - Gage's accounting records included the following information:

Inventory, 01-01-15 $211,000

Purchases during 2015 $805,000

Purchase returns during 2015 $4,000

Sales during 2015 $1,660,000

Sales returns during 2015 $60,000

Gage completed a physical inventory on 12-31-15 and calculated an ending inventory of $47,000. In recent years, Gage's gross profit equaled 40% of Gage's selling price. Gage suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items.

Reference no: EM132527273

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