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Estimate the company year-end inventory at cost

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Reference no: EM131533390

Question: The records of Nilson Company provide the following information for the year ended December 31.

                                                               At Cost               At Retail

January 1 beginning inventory . . . . . . . . . $ 471,350                $ 927,150

Cost of goods purchased . . . . . . . . . . . . 3,276,030                 6,279,350

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                       5,495,700

Sales returns . . . . . . . . . . . . . . . . . . . . . .                               44,600

Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost.

2. A year-end physical inventory at retail prices yields a total inventory of $1,675,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail.

Reference no: EM131533390

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