34. (3 points) Hartleys accounting records included the following information: Inventory, 01-01-13 $96,250 Purchases during...
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Accounting
34. (3 points) Hartleys accounting records included the following information:
Inventory, 01-01-13 $96,250
Purchases during 2013 (excluding shipping) $1,450,180
Purchase returns during 2013 $57,500
Freight-in on 2013 purchases $33,075
Sales during 2013 $2,467,500
Hartley completed a physical inventory on 12-31-13 and calculated an ending inventory of $106,000, at cost. In recent years, Hartley's gross profit equaled 75% of Hartleys cost. Hartley 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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