Hakim's Department Store uses the retail inventory met
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Hakim's Department Store uses the retail inventory method to estimate its monthly ending inventories. The following in
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Hakim's Department Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at August 31, 2014: On August 31, Hakim's Department Store takes a physical inventory count at retail. The actual retail values of the inventories in each department on August 31, 2014, are as follows: Clothing $100,750, and Jewellery $40,300. Instructions Determine the estimated cost of the ending inventory for each department on August 31, 2014, using the retail inventory method. Taking It Further Calculate the store's loss on August 31, 2014, from theft and other causes, at retail and at cost.
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