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%

Required:

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 Cost \$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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