151. Based upon the following data estimate the cost of ending merchandise inventory:
Sales (net)$250,000
Estimated gross profit rate25%
Beginning merchandise inventory$ 9,000
Purchases (net)211,000
Merchandise available for sale$220,000
152. Fill in the missing amounts from the chart below regarding the calculation of Bean Corporation’s estimated inventory using the retail method of estimation.
Cost
Retail
Merchandise Inventory, October 113,68719,553
Purchases for October (net)?98,344
Merchandise Available for Sale82,528?
Ratio of cost to retail price:
?
Sales for October (net)?
Merchandise at Retail, October 3125,340
Merchandise at Cost, October 31?
153. List the internal control objectives illustrated by the following:
(a)keeping the inventory storeroom locked
(b)counting the inventory at the end of the accounting period and comparing it with the inventory ledger clerk's records
(c)using subsidiary ledgers and a perpetual inventory system