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Retail Method.
Olivia's Dress Shop had net retail sales of $125,000 during the current year. The following additional information was obtained from the company's accounting records:
At Cost At RetailBeginning inventory $20,000 $ 30,000Net purchases (excluding freight-in) 70,000 110,000Freight-in 5,200
Using the retail method, estimate the company's ending inventory at cost.Assume that a physical inventory taken at year end revealed an inventory on hand of $9,000 at retail value. What is the estimated amount of inventory shrinkage (loss due to theft, damage, etc.) at cost using the retail method?
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method.
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