Poppy's accounting records included the following information: Inventory, 01-01-15 $211,000 Purchases during 2015 $805,000 Purchase...
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Accounting
Poppy's accounting records included the following information:
Inventory, 01-01-15 $211,000
Purchases during 2015 $805,000
Purchase returns during 2015 $4,000
Sales during 2015 $1,660,000
Sales returns during 2015 $60,000
Poppy completed a physical inventory on 12-31-15 and calculated an ending inventory of $47,000. In recent years, Poppy's gross profit equaled 40% of Poppy's selling price. Poppy suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items.
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