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The records of Alaska Company provide the following information for the year ended December 31. At Cost At Retail January 1 beginning inventory $ 473,150
The records of Alaska Company provide the following information for the year ended December 31. At Cost At Retail January 1 beginning inventory $ 473,150 $ 928,950 Cost of goods purchased 2,699,294 6,281,150 Sales 5,513,700 Sales returns 46,400 Required: 1. Use the retail inventory method to estimate the companys year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,693,800. Prepare a calculation showing the companys loss from shrinkage at cost and at retail.
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