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The records of Earthly Goods provided the following information for the year ended December 31, 2017. At Cost At Retail January 1 beginning inventory $
The records of Earthly Goods provided the following information for the year ended December 31, 2017.
At Cost | At Retail | |||
January 1 beginning inventory | $ | 516,350 | $ | 972,150 |
Purchases | 4,063,700 | 6,443,700 | ||
Purchase returns | 61,800 | 128,350 | ||
Sales | 5,585,700 | |||
Sales returns | 49,100 |
Required: 1.Prepare an estimate of the company?s year-end inventory by the retail method. 2.Under the assumption the company took a year-end physical inventory at marked selling prices that totaled $1,684,800, prepare a schedule showing the store?s loss from theft or other causes at cost and at retail.
How do I fill out the tables for 1 and 2. Table files attached.
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