Selected data on merchandise inventory, purchases, and sales for Hacienda Co. and San Lucas Co. are as
Question:
Selected data on merchandise inventory, purchases, and sales for Hacienda Co. and San Lucas Co. are as follows:
![Selected data on merchandise inventory, purchases, and sales 7](https://dsd5zvtm8ll6.cloudfront.net/si.question.images/image/images4/142-B-A-V-I(549).png)
Instructions
1. Determine the estimated cost of the merchandise inventory of Hacienda Co. on June 30 by the retail method, presenting details of the computations.
2. a. Estimate the cost of the merchandise inventory of San Lucas Co. on December 31 by the gross profit method, presenting details of the computations.
b. Assume that San Lucas Co. took a physical inventory on December 31 and discovered that $269,250 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during November andDecember?
Step by Step Answer:
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac