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16 Jan 2024
Pet Emporium had a robbery on the weekend in which a large amount of inventory was taken. The loss is covered completely by insurance. A physical inventory count determined that the cost of the remaining merchandise is $58,700. The following additional information is available:
At Cost
At Retail
Beginning merchandise inventory
$
75,200
$
93,950
Purchase returns and allowances
15,200
20,200
Purchases
1,311,670
1,732,250
Transportation-in
18,950
Sales
1,644,500
Sales returns and allowances
18,200
Required:
1. Prepare an estimate of ending merchandise inventory using the retail method.
2. Calculate the cost of the stolen inventory.
Pet Emporium had a robbery on the weekend in which a large amount of inventory was taken. The loss is covered completely by insurance. A physical inventory count determined that the cost of the remaining merchandise is $58,700. The following additional information is available:
Required:
1. Prepare an estimate of ending merchandise inventory using the retail method.
2. Calculate the cost of the stolen inventory.
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