Selected data on merchandise i

  1. Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows:

      Cost   Retail
    Celebrity Tan      
    Merchandise inventory, August 1 $248,000   $344,000
    Transactions during August:      
    Purchases (net) 2,848,000   3,956,000
    Sales     4,070,000
    Ranchworks Co.      
    Merchandise inventory, March 1 $215,000    
    Transactions during March through November:      
    Purchases (net) 2,863,000    
    Sales 4,472,000    
    Estimated gross profit rate 35%    



    1.  Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details of the computations.

    Celebrity Tan
    Cost of the Merchandise Inventory
    August 31
        Cost Retail
        $fill in the blank 4c1a98f55fecf8b_2 $fill in the blank 4c1a98f55fecf8b_3
        fill in the blank 4c1a98f55fecf8b_5 fill in the blank 4c1a98f55fecf8b_6
        $fill in the blank 4c1a98f55fecf8b_8 $fill in the blank 4c1a98f55fecf8b_9
    Ratio of cost to retail price: fill in the blank 4c1a98f55fecf8b_10%    
          fill in the blank 4c1a98f55fecf8b_12
          $fill in the blank 4c1a98f55fecf8b_14
          $fill in the blank 4c1a98f55fecf8b_16

    2a.  Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations.

    Ranchworks Co.
    Cost of the Merchandise Inventory
    November 30
        $fill in the blank a1e8bd0b9f8d053_2
        fill in the blank a1e8bd0b9f8d053_4
        $fill in the blank a1e8bd0b9f8d053_6
      $fill in the blank a1e8bd0b9f8d053_8  
      fill in the blank a1e8bd0b9f8d053_10  
        fill in the blank a1e8bd0b9f8d053_12
        $fill in the blank a1e8bd0b9f8d053_14

    2b.  Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $160,900 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March thru November?
    $fill in the blank 


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