Problem 6-9AB (Algo) Retail inventory method LO P4 The records of Alaska Company provide the following information for the year ended December 31. Beginning inventory, January 1 Cost of goods purchased Sales At Cost $ 473,350 2,555,060 At Retail $ 929,150 ped Sales returns 6,281,350 5,515,700 46,600 ok Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,695,800. Prepare a calculatio loss from shrinkage at cost and at retail. nt Complete this question by entering your answers in the tabs below. ences Required 1 Required 2 A year-end physical inventory at retail prices yields a total inventory of $1,695,800. Prepare a calculation showing company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 Estimated inventory Physical inventory Inventory shortage At Cost At Retail

Problem 6-9AB (Algo) Retail inventory method LO P4 The records of Alaska Company provide the following information for the year ended December 31. Beginning inventory, January 1 Cost of goods purchased Sales At Cost $ 473,350 2,555,060 At Retail $ 929,150 ped Sales returns 6,281,350 5,515,700 46,600 ok Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,695,800. Prepare a calculatio loss from shrinkage at cost and at retail. nt Complete this question by entering your answers in the tabs below. ences Required 1 Required 2 A year-end physical inventory at retail prices yields a total inventory of $1,695,800. Prepare a calculation showing company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 Estimated inventory Physical inventory Inventory shortage At Cost At Retail

Name: Problem 6-9AB (Algo) Retail inventory method LO P4The records of Alas
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Description: Problem 6-9AB (Algo) Retail inventory method LO P4The records of Alaska Company provide the following information for the year ended December 31.Beginning inventory, January 1Cost of goods purchasedSalesAt Cost$ 473,3502,555,060At Retail$ 929,150ped

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ces Date March 1 March 5 March 9 March 18 March 25 March 29 Problem 6-1A (Algo) Part 3 Perpetual FIFO Perpetual LIFO Date March 1 Complete this question by entering your answers in the tabs below. March 5 Weighted Average Compute the cost assigned to ending inventory using LIFO. Total March 5 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. March 9 Total March 9 March 18 Total March 18 Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Goods Purchased # of units 80 units @ $60.80 per unit 140 units @ $62.80 per unit Specific Id 530 units Cost per # of units unit sold Perpetual LIFO: Cost of Goods Sold Cost per…
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Question Content Area Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $35 $175 Aug. 7 Purchase 20 units at $36 720 Dec. 11 Purchase 11 units at $37 407 36 units $1,302 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar).