Question
Pet Emporium had a robbery on the weekend in which a large amount of Inventory was taken. The loss is covered completely by Insurance.
Pet Emporium had a robbery on the weekend in which a large amount of Inventory was taken. The loss is covered completely by Insurance. A physical Inventory count determined that the cost of the remaining merchandise is $58,600. The following additional Information is available: Beginning merchandise inventory Purchase returns and allowances Purchases Transportation-in Sales sales returns and allowances At Cost $ At Retail 75,100 $ 93,850 15,100 20,100 1,293,330 1,731,750 18,850 1,643,500 18,100 Required: 1. Prepare an estimate of ending merchandise Inventory using the retail method. Goods available for sale: Goods available for sale PET EMPORIUM Estimated Inventory At Cost At Retail Cost to retail ratio Estimated ending inventory at cost 2. Calculate the cost of the stolen Inventory. Cost of the stolen inventory %
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