Let us compute the total merchandise handled
Opening inventory | $325,000 |
Gross purchases | $165,000 |
Return to vendors | ($25,000) |
Transfers in | $10,000 |
Total Merchandise handled | $475,000 |
Let us compute the total deductions
Gross sales | $125,000 |
Customer Returns | ($20,000) |
Markdown | $15,000 |
Employee Disc | $2,000 |
Total deductions | $122,000 |
Closing Book Inventory = $475,000 - $122,000 = $353,000
Shortage = Closing book inventory - Closing physical inventory
= $353,000 - $350,000
= $3,000
Shortage percentage = Shortage / (Gross sales - Customer Returns)
= $3,000 / ($125,000 - $20,000)
= $3,000 / $105,000
= 0.02857
= 2.86% ( (rounded off to two decimal places)
Hence, Shortage = $3,000
Shortage%= 2.86%
81 82 9. 465,000.00 475,000.00 370,000.00 353,000.00 83 Given the following conditions determine: 84 A. Is...
83 84 9. 85 Given the following conditions determine: 86 A. Is there an inventory shortage or overage? 37 B. The inventory shortage or overage %: Retail opening inventory $325,000.00 gross purchases $165,000.00 returns to vendors $25,000.00 net purchases transfers in $10,000.00 total merch handled gross sales $125,000.00 customer returns $20,000.00 net sales net markdowns $15,000.00 employee discounts $2,000.00 total retail deductions 101 closing book inventory 102 closing physical inventory $350,000.00 shortage /overage $ 104 shortage / overage % 100...
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Required information (The following information applies to the questions displayed below.) Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $53,000 and a cost of $36,930 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $327,870 6,700 5,800 Retail $570,000 18,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in...
Problem 9-12 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: The inventory at January 1, 2019, had a retail value of $37,000 and a cost of $30,090 based on the conventional retail method. Transactions during 2019 were as follows: Cost Retail Gross purchases $ 177,030 $ 410,000 Purchase returns 5,700 28,000 Purchase...
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