The records of Earthly Goods provided the following information for the year ended December 31, 2020. Required
Question:
The records of Earthly Goods provided the following information for the year ended December 31, 2020.
Required
1. Prepare an estimate of the company?s year-end inventory by the retail method. Round all calculations to two decimal places.
2. Under the assumption the company took a year-end physical inventory at marked selling prices that totalled $1,685,800, prepare a schedule showing the store?s loss from theft or other causes at cost and at retail.
Transcribed Image Text:
At Retail $ 977,150 6,448,700 129,350 5,595,700 At Cost $ 521,350 4,138,245 January 1 beginning inventory. Purchases . Purchase returns . ......*. .. ..... 62,800 Sales .... Sales returns.. ............ 49,600
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Part 1 EARTHLY GOODS Estimated Inventory December 31 2020 At Cost At Retail Goods available for sale ...View the full answer
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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