at cost. | Cost to retail ratio | at retail | ||
a | beginning inventory | 491350 | 947150 | |
b | cost of goods purchased | 3693675 | 6418700 | |
c | Goods available for sale (a+b) | 4185025 | 56.82% | 7365850 |
d | Net sales (sales - sale return) | 5489100 | ||
e | Estimated ending inventory | 1066369 | 56.82% | 1876750 |
f | ||||
Cost to retail ratio= goods available for sale at cost /goods available for sale at retail=4185025/7365850=56.82%
Estimate Ending inventory at cost = ending inventory at retail × cost to retail ratio (56.82%)=1876750*56.82%
Inventory shortage
At cost | at retail | |
Estimated inventory | 1066369 | 1876750 |
Physical inventory | 954462 | 1679800 |
Inventory shortage | 111907 | 196950 |
Physical inventory at cost = cost to retail ratio × physical inventory at retail=56.82% ×1679800= 954462
The records of Earthly Goods provided the following information for the year ended December 31, 2020....
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