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    Herm9's Avatar
    Herm9 Posts: 4, Reputation: 1
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    #1

    Jul 19, 2008, 01:21 PM
    Retail inventory method
    I have the correct answer for #1 but can anyone explain what they are asking me to do on #2? There are no examples in my book for this. Thanks

    Retail inventory method P4
    The records of Alaina Co. provide the following information for the year ended
    December 31:
    At Cost At Retail
    January 1 beginning inventory.. . $ 81,670 $114,610
    Cost of goods purchased.. . 492,250 751,730
    Sales.. . 786,120
    Sales returns.. . 4,480
    Required
    1. Use the retail inventory method to estimate the company’s year-end inventory.
    2. A year-end physical inventory at retail prices yields a total inventory of $78,550. Prepare a calculation showing the company’s loss from shrinkage at cost and at retail.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Jul 20, 2008, 12:33 AM
    See our guidelines for posting homework problems:
    https://www.askmehelpdesk.com/financ...-b-u-font.html
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