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Using the retail method estimate the companys ending

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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 Retail
  • Beg. inv. $20,000 $30,000
  • Net pur 70,000 110,000
  • Freight-in 5,200

Using the retail method, estimate the company's ending inventory at cost. If required, round to the nearest dollar.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?

Reference no: EM13592269

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