Question
A costume jewelry department showed the following figures for a year: Net Sales$125,000 Purchases (at retail)105,000 Opening retail inventory (Feb. 1)464,000 Markdowns40,000 Employee discounts2,600 Physical
A costume jewelry department showed the following figures for a year:
Net Sales$125,000
Purchases (at retail)105,000
Opening retail inventory (Feb. 1)464,000
Markdowns40,000
Employee discounts2,600
Physical count (July 31)397,000
a.What was the shortage in dollars?
b.What was the shortage in percentage?
c.If the planned shortage was estimated at 2.5%, was the actual shortage more or less?By how much in dollars?In percentage?
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
