Olivias Dress Shop had net retail sales of $125,000 during the current year. The following additional information
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1. Using the retail method, estimate the company€™s ending inventory at cost.
2. Assume that a physical inventory taken at year end revealed an inventory on hand of $9,000 at retail value. What is the estimated amount of inventory shrinkage (loss due to theft, damage, etc.) at cost using the retail method?
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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