Exercise 8-26

The records of Sudbury Menswear report the following data for the month of September:

Sales			$118,500		Purchases (at cost)			$59,500
Sales returns			2,500		Purchases (at sales price)			112,600
Additional markups			10,500		Purchase returns (at cost)			2,500
Markup cancellations			1,500		Purchase returns (at sales price)			3,500
Markdowns			9,300		Beginning inventory (at cost)			32,000
Markdown cancellations			2,800		Beginning inventory (at sales price)			48,500
Freight on purchases			3,600

Estimate the ending inventory using the retail inventory method. (Round intermediate calculations to 2 decimal place, e.g. 15.21% and the final answers to 0 decimal places, e.g. 5,275.)

Ending inventory, at retail		$enter a dollar amount
Ending inventory, at cost		$enter a dollar amount

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Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $42,000, estimate the loss due to shrinkage and theft. (Round intermediate calculations to 2 decimal places, e.g. 15.21% and the final answer to 0 decimal places, e.g. 5,275.)

Estimated loss due to shrinkage and theft

$enter the Estimated loss due to shrinkage and theft in dollars