P9 12 (Retail, LIFO Retail, and Inventory Shortage) Late in 2009, Joan Seceda and four other investors took the chain of Becker Department Stores private
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Description
P9-12 (Retail, LIFO Retail, and Inventory Shortage) Late in 2009, Joan Seceda and four other investors took the chain of Becker Department Stores private, and the company has just completed its third year of operations under the ownership of the investment group. Andrea Selig, controller of Becker Department Stores, is in the process of preparing the year-end financial statements. Based on the preliminary financial statements, Seceda has expressed concern over inventory shortages, and she has asked Selig to determine whether an abnormal amount of theft and breakage has occurred. The accounting records of Becker Department Stores contain the following amounts on November 30, 2012, the end of the fiscal year.
Cost Retail Beginning inventory 68,000 100,000 Purchases...