Reference no: EM132774681
Yumul company provided the following data:
Cost Retail
Beginning inventory P 160,000 P 400,000
Purchases 2,800,000 3,200,000
Freight-in 40,000
Mark up 300,000
Mark up cancelations 30,000
Mark down 160,000
Mark down cancelations 40,000
Sales 3,000,000
Physical inventory at year end 500,000
Estimated normal shrinkage is 4% of sales
Problem 1: Assuming the company uses the average retail inventory method, what is the estimated inventory shortage?
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