and cost indexes for 2021 and 2022 are as follows:20212022CostRetailCostRetail$105,400 $170,000430,0002,9006,200Beginning inventory622,0004,000$630,000 $792,0002,6006,000PurchasesPurchase returns2,450Freight-inNet markupsNet markdowns5,1504,150500,00014,4001,9008,6006,400690,00014,4005,300Net sales to customersSales to employees (net of 20% discount)Normal spoilagePrice Index:January 1, 2021December 31, 2021December 31, 20221.001.041.20Problem 9-13 (Algo) Part 1Required:1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method.Answer is complete but not entirely correct.20212022Estimated ending inventory at retail24351,800 X $483,400 XEstimated ending inventory at cost24342,650 X $645,590 XEstimated cost of goods sold24502,983 X $143,500 X 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:2022Retail2021CostRetailCostBeginning inventoryPurchases$105,400 $170,000430,0002,9006,200$630,000 $792,0002,6006,000622,0004,000Purchase returns2,450Freight-inNet markupsNet markdowns8,6006,400690,00014,4005,3005,1504,150500,00014,4001,900Net sales to customersSales to employees (net of 20% discount)Normal spoilagePrice Index:January 1, 2021December 31, 2021December 31, 20221.001.041.20Problem 9-13 (Algo) Part 1Required:1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method.X Answer is complete but not entirely correct.20212022Estimatedending inventory at retail351.800 xS483 400 X

Cost indeXes are as 2021 Cost Retail Cost $105,400 $170,000 430,000 2,900 6,200 inning inventory chases 622,000 4,000 $630,C 2,6 6,0 chase returns ight-in markups markdowns 5,150 4,150 500,000 14,400 1,900 sales to customers es to employees (net of 20% discount) mal spoilage ce Index: anuary 1, 2021 1.00

Cost indeXes are as 2021 Cost Retail Cost $105,400 $170,000 430,000 2,900 6,200 inning inventory chases 622,000 4,000 $630,C 2,6 6,0 chase returns ight-in markups markdowns 5,150 4,150 500,000 14,400 1,900 sales to customers es to employees (net of 20% discount) mal spoilage ce Index: anuary 1, 2021 1.00

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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