Between The Ears (BTE.com) is a popular internet music store. During the current year, the company's cost of goods available for sale amounted to $462,000. The retail sales value of this merchandise amounted to $840,000. Sales for the year were $744,000. At year-end, BTE com takes a physical inventory. The general manager walks through the warehouse counting each type of product and reading its retail price into a recorder. From the recorded information, another employee prepares a schedule listing the entire ending inventory at retail sales prices. The schedule prepared for the current year reports ending inventory at $84,480 at retail sales prices. Required: a. Using the retail method, estimate (1) the cost of goods sold during the year and (2) the inventory at the end of the year. b-1. Use the cost ratio computed in part a to reduce the inventory counted by the general manager from its retall value to an estimate of its cost. b-2. Determine the estimated shrinkage losses (measured at cost) incurred by BTE.com during the year. b-3. Compute BTE.com's gross profit for the year. (Include inventory shrinkage losses in the cost of goods sold.) Complete this question by entering your answers in the tabs below. Using the retail method, estimate (1) the cost of goods sold during the year and (2) the inventory at the end of the year. (Round "Cost ratio" to nearest whole percent.) Between The Ears (BTE.com) is a popular Internet music store. During the current year, the company's cost of goods available for sale amounted to $462,000. The retall sales value of this merchandise amounted to $840,000. Sales for the year were $744,000. At year-end, BTE.com takes a physical inventory. The general manager walks through the warehouse counting each type of product and reading its retail price into a recorder. From the recorded information, another employee prepares a schedule listing the entire ending inventory at retail sales prices. The schedule prepared for the current year reports ending inventory at $84,480 at retail sales prices. Required: a. Using the retail method, estimate (1) the cost of goods sold during the year and (2) the inventory at the end of the year. b-1. Use the cost ratio computed in part a to reduce the inventory counted by the general manager from its retail value to an estimate of its cost. b-2. Determine the estimated shrinkage losses (measured at cost) incurred by BTE.com during the year. b-3. Compute BTE.com's gross profit for the year. (Include inventory shrinkage losses in the cost of goods sold.) Complete this question by entering your answers in the tabs below. Use the cost ratio computed in part a to reduce the inyentory counted by the general manager from its retail value to an estimate of its cost. (Round "Cost ratio" to nearest whole percent.) Between The Ears (BTE.com) is a popular internet music store. During the current year, the company's cost of goods available for sale amounted to $462,000. The retail sales value of this merchandise amounted to $840,000. Sales for the year were $744,000. At year-end, BTE.com takes a physical inventory. The general manager walks through the warehouse counting each type of product and reading its retail price into a recorder. From the recorded information, another employee prepares a schedule listing the entire ending inventory at retall sales prices. The schedule prepared for the current year reports ending inventory at $84,480 at retall sales prices. Required: a. Using the retail method, estimate (1) the cost of goods sold during the year and (2) the inventory at the end of the yeac. b-1. Use the cost ratio computed in part a to reduce the inventory counted by the general manager from its retail value to an estimate of lits cost. b-2. Determine the estimated shrinkage losses (measured at cost) incurred by BTE.com during the year. b-3. Compute BTE.com's gross profit for the year. (Include inventory shrinkage losses in the cost of goods sold.) Complete this question by entering your answers in the tabs below. Determine the estimated shrinkage losses (measured at cost) incurred by BTE.com during the year, (Round "Cost ratio" to nearest whole percent,) Between The Ears (BTE.com) is a popular Internet music store. During the current year, the company's cost of goods available for sale amounted to $462,000. The retail sales value of this merchandise amounted to $840,000. Sales for the year were $744,000. At year-end, BTE.com takes a physical inventory. The general manager walks through the warehouse counting each type of product and reading its retail price into a recorder. From the recorded information, another employee prepares a schedule listing the entire ending Inventory at retail sales prices. The schedule prepared for the current year reports ending inventory at $84,480 at retail sales prices. Required: a. Using the retail method, estimate (1) the cost of goods sold during the year and (2) the inventory at the end of the yeat. b-1. Use the cost ratio computed in part a to reduce the inventory counted by the general manager from its retall value to an estimate of lits cost. b-2. Determine the estimated shrinkage losses (measured at cost) incurred by BTE com during the year. b-3. Compute BTE.com's gross profit for the year. (nnclude inventory shrinkage losses in the cost of goods sold.) Complete this question by entering your answers in the tabs below. Compute BTE.com's gross profit for the year. (Indude inventory shrinkage losses in the cost of goods sold.) (Round "Cost ratlo" to nearest whole percent.)
