Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2024 $ $ $ 2024 Cost Retail $ 96,000 $ 160,000 520,000 2,700 4.000 803,000 3,000 2025H 1.00 1.25 1.25 6,000 4,000 670,000 12,000 3,000 Cost $ 600,000 2,400 8,000 Required: 1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Note: Round your cost-to-retail percentage calculation to 2 decimal places (i.e., 0.1234 should be 12.34%) and final answers to the nearest whole dollar. 2025 Retail $ 950,000 5,750 8,200 6,200 680,000 12,000 4,000

Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2024 $ $ $ 2024 Cost Retail $ 96,000 $ 160,000 520,000 2,700 4.000 803,000 3,000 2025H 1.00 1.25 1.25 6,000 4,000 670,000 12,000 3,000 Cost $ 600,000 2,400 8,000 Required: 1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Note: Round your cost-to-retail percentage calculation to 2 decimal places (i.e., 0.1234 should be 12.34%) and final answers to the nearest whole dollar. 2025 Retail $ 950,000 5,750 8,200 6,200 680,000 12,000 4,000

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Description: please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Problem 9-13 (Algo) Retail inventory meth

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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