Alaina Company for the year ended December 31?

Question

The records of Alaina Co. provide the following information for the year ended December 31.

At Cost At Retail

January 1 beg inventory $ 81,670 $114,610

Cost of goods purchased 492,250 751,730

Sales 786,120

Sales Returns 4,480

Required

1. Use the retailed inventory method to estimate the company's year-end inventory.

2. A year-end physical inventory at retail prices yields a total inventory of $78,550. Prepare a calculation showing the company's loss from shrinkage at cost and at retail.

Answer 1

I've sent the Excel file to the address you gave me.