Question
Use the information to answer the following questions: a. What is the $ value of the closing actual closing book inventory? b. What is the
a. What is the $ value of the closing actual closing book inventory?
b. What is the $ value of the Book Inventory?
c. What the the dollar value of the Planned Shortage?
d. What is the actual $ shortage/overage?
| Opening Inventory | $230,000 |
| Gross Sales | $315,000 |
| Markdowns | $ 15,000 |
| Purchases at Retail | $340,000 |
| Customer Returns | $ 39,500 |
| Returns to Vendors | $ 22,000 |
| Transfers In | $ 15,300 |
| Physical Inventory | $260,000 |
| Planned Shortage | 2% |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Closing Actual Book Inventory To find the value of the closing actual book inventory we need to cons...
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Step: 2
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Principles of Accounting
Authors: Belverd Needles, Marian Powers, Susan Crosson
10th edition
618736611, 978-1111809508, 111180950X, 978-0618736614
