Exercise 8-26 The records of Marigold Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $118,300 Purchases (at cost) 2,600 Purchases (at sales price) 10,900 Purchase returns (at cost) LINK TO TEXT 2,500 Purchase returns (at sales price) 9,900 Beginning inventory (at cost) 3,100 Beginning inventory (at sales price) 4,200 $ Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.) Ending inventory, at retail $ Ending inventory, at cost $67,600 121,000 3,400 3,600 41,400 49,800 Estimated loss due to shrinkage and theft s Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $40,500, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.)

Exercise 8-26 The records of Marigold Menswear report the following data for the month of September: Sales Sales returns Additional markups Markup cancellations Markdowns Markdown cancellations Freight on purchases $118,300 Purchases (at cost) 2,600 Purchases (at sales price) 10,900 Purchase returns (at cost) LINK TO TEXT 2,500 Purchase returns (at sales price) 9,900 Beginning inventory (at cost) 3,100 Beginning inventory (at sales price) 4,200 $ Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.) Ending inventory, at retail $ Ending inventory, at cost $67,600 121,000 3,400 3,600 41,400 49,800 Estimated loss due to shrinkage and theft s Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $40,500, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.)

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4TIF: Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on...

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