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Problem - Selected data on inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows:
Cost
Retail
Jaffe Co.
Inventory, February 1
$400,000
$615,000
Transactions during February:
Purchases (net)
4,055,000
5,325,000
Sales
5,100,000
Coronado Co.
Inventory, May 1
Transactions during May thru October:
3,150,000
4,750,000
Estimated gross profit rate
35%
Instructions -
1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations.
2. a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations.
2. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that $366,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during May through October?
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