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CHAPTER 9 in Company operates a large discount store and uses the retail inventory method...

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Accounting

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CHAPTER 9 in Company operates a large discount store and uses the retail inventory method to estimate the cost of ending inventory. Management suspects that in recent weeks have been unusually heavy losses from shoplifting or employee pilferage. To estimate th amount of the loss, the company has taken a physical inventory and will compare the results with the estimated cost of inventory. Data from the accounting records of Carbin Company are as follows 2) Carb there At Cost At Retail $62,630 $ 87,800 165,600 5,540 April 1, beginning inventory Purchases Purchases returns and allowances Freight-in Sales Sales returns and allowances Employee discounts Normal shortages April 30, physical inventory at retail 118,300 3,960 1,490 132,400 1,080 940 800 85,000 REQUIRED: Calculate the estimated amount of inventory shortage at cost and at retail

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