Problem 9-13 (Algo) Part 1 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. 2021 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Problem 9-13 (Algo) Part 2 Required: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.) Average Cost Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Problem 9-13 (Algo) Part 3 Required: 3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.) Conventional Retall Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 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, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 Cost 2022 Retail Retail $156, eee $240,000 510,00e 752, eee 6,200 Cost Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 30% discount) Normal spoilage Price IndeXI January 1, 2021 December 31, 2021 December 31, 2022 $725,000 $1, 123,000 4,000 7,000 3,650 6,600 6,200 6,250 4,600 500,000 21,000 6,200 11,400 7,800 718,000 21,000 3,000 1.00 1.25 1.50 Problem 9-13 (Algo) Part 1 Reauired:
Problem 9-13 (Algo) Part 1 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. 2021 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Problem 9-13 (Algo) Part 2 Required: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.) Average Cost Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Problem 9-13 (Algo) Part 3 Required: 3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.) Conventional Retall Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 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, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 Cost 2022 Retail Retail $156, eee $240,000 510,00e 752, eee 6,200 Cost Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 30% discount) Normal spoilage Price IndeXI January 1, 2021 December 31, 2021 December 31, 2022 $725,000 $1, 123,000 4,000 7,000 3,650 6,600 6,200 6,250 4,600 500,000 21,000 6,200 11,400 7,800 718,000 21,000 3,000 1.00 1.25 1.50 Problem 9-13 (Algo) Part 1 Reauired:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 9-13 (Algo) Part 1
Required:
1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method.
2021
2022
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold
Problem 9-13 (Algo) Part 2
Required:
2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method. (Round your cost-to-retail
percentage to 2 decimal places and round your final answers to nearest whole dollar.)
Average Cost
Retail Method
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold
Problem 9-13 (Algo) Part 3
Required:
3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retail
percentage to 2 decimal places and round your final answers to nearest whole dollar.)
Conventional
Retall Method
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold
Transcribed Image Text: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, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail,
and cost indexes for 2021 and 2022 are as follows:
2021
Cost
2022
Retail
Retail
$156, eee $240,000
510,00e 752, eee
6,200
Cost
Beginning inventory
Purchases
Purchase returns
Freight-in
Net markups
Net markdowns
Net sales to customers
Sales to employees (net of 30% discount)
Normal spoilage
Price IndeXI
January 1, 2021
December 31, 2021
December 31, 2022
$725,000 $1, 123,000
4,000
7,000
3,650
6,600
6,200
6,250
4,600
500,000
21,000
6,200
11,400
7,800
718,000
21,000
3,000
1.00
1.25
1.50
Problem 9-13 (Algo) Part 1
Reauired:
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