gages accounting records included

35. (3 points) Gage's accounting records included the following information: Inventory, 01-01-15 $80,000 Purchases during 2015 S602,000 Freight-out on 2015 sales $10,000 Sales during 2015 $980,000 Sales returns during 2015 $20,000 Gage completed a physical inventory on 12-31-15 and calculated an ending inventory of $100,000, at retail selling price. In recent years, Gage's gross profitequaled 30% of Gage's selling price. Gage suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items Beg inventory 35. (3 points) Gage's accounting records included the following information: Inventory, 01-01-15 $80,000 Purchases during 2015 S602,000 Freight-out on 2015 sales $10,000 Sales during 2015 $980,000 Sales returns during 2015 $20,000 Gage completed a physical inventory on 12-31-15 and calculated an ending inventory of $100,000, at retail selling price. In recent years, Gage's gross profitequaled 30% of Gage's selling price. Gage suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items Beg inventory