question archive Problem 9-13 b-c Late in 2017, Joan Seceda and four other investors took the chain of Whispering Department Stores private, and the company has just completed its third year of operations under the ownership of the investment group
Problem 9-13 b-c Late in 2017, Joan Seceda and four other investors took the chain of Whispering Department Stores private, and the company has just completed its third year of operations under the ownership of the investment group
Subject:BusinessPrice: Bought3
Problem 9-13 b-c Late in 2017, Joan Seceda and four other investors took the chain of Whispering Department Stores private, and the company has just completed its third year of operations under the ownership of the investment group. Andrea Selig, controller of Whispering Department Stores, is in the process of preparing the year-end financial statements. Based on the preliminary financial statements, Seceda has expressed concern over inventory shortages, and she has asked Selig to determine whether an abnormal amount of theft and breakage has occurred. The accounting records of Whispering Department Stores contain the following amounts on November 30, 2020, the end of the fiscal year. Cost Retail $67,900 265,316 $100,300 Beginning inventory Purchases 408,000 Net markups 49,400 108,300 Net markdowns Sales revenue 319,300 According to the November 30, 2020, physical inventory, the actual inventory at retail is $125,400. Assuming that prices have been stable, calculate the value, at cost, of Whispering Department Stores' ending inventory using the last-in, first-out (LIFO) retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Estimated ending inventory at Cost $ LINK TO TEXT Estimate the amount of shortage, at retail, that has occurred at Whispering Department Stores during the year ended November 30, 2020. Estimated inventory shortage $ Click if you would like to Show Work for this question: Open Show Work
