Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The records of Bramble Menswear report the following data for the month of September: Sales $117,600 Purchases (at cost) $61,300 Sales returns 114,000 2,800 Purchases

image text in transcribedimage text in transcribed

The records of Bramble Menswear report the following data for the month of September: Sales $117,600 Purchases (at cost) $61,300 Sales returns 114,000 2,800 Purchases (at sales price) 11,700 Purchase returns (at cost) Additional markups 3,100 Markup cancellations 1,700 Purchase returns (at sales price) 3,400 Markdowns 40,600 10,100 Beginning inventory (at cost) 3,100 Beginning inventory (at sales price) Markdown cancellations 49,000 Freight on purchases 4,200 Your answer is partially correct. 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 47800 $ $ Ending inventory, at cost 29029 eTextbook and Media X Your answer is incorrect. Assuming that a physical count of the inventory determined that the actual ending inventory at retail prices at the end of September was $40,600, 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.) 7200 Estimated loss due to shrinkage and theft $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Managerial Accounting

Authors: Peter C. Brewer

Custom Edition

0077842987, 978-0077842987

More Books

Students also viewed these Accounting questions

Question

What is a coding key?

Answered: 1 week ago

Question

3. How has e-commerce transformed marketing?

Answered: 1 week ago