Selected data on merchandise inventory, purchases, and sales for Clairemont Co. and Malibu Co. are as follows:
Question:
Selected data on merchandise inventory, purchases, and sales for Clairemont Co. and Malibu Co. are as follows:
Instructions
1. Determine the estimated cost of the merchandise inventory of Clairemont Co. on July 31 by the retail method, presenting details of the computations.
2. a. Estimate the cost of the merchandise inventory of Malibu Co. on March 31 by the gross profit method, presenting details of the computations.
b. Assume that Malibu Co. took a physical inventory on March 31 and discovered that $243,250 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during February andMarch?
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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