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problem: The records of Sehrah Co. provide the following data for the year ended December 31:

 

At Cost

At Retail

Jan. 1 Beginning Inventory

$ 81,670

$114,610

Cost of goods purchased

492,250

751,730

Sales

 

786,120

Sales Returns

 

4,480

Required

[A] Apply the retail inventory method to determine the firm's year-end inventory.

[B] A year-end physical inventory at retail prices yields a total inventory of $78,550. Make a calculation showing the firm's loss from shrinkage at cost & at retail.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922358

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