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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Problem 8. * Alfred Company measured inventory at the lower of cost and net realizable value. BTS TWICE 240,000 188,000 360,000 250,000 48,000 50,000 208,000 168,000 25% 25% Historical cost Selling Price Est. cost to complete Replacement cost Profit margin What is the measurement of the inventory? Your answer EXO 300,000 360,000 68,000 318,000 10%
Please do not give solution in image format thanku
Please do not give solution in image format thanku
Q10: What is 2021 Gross Margin Percentage?
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QUESTION 1 a. Kpogo Ltd has the following products in inventory at the end of 2019: Units Cost per unit GH¢ XYZ (completed) 540 22 ABC (part complete) 280 26 Each product normally sells at GH¢34 per unit. Due to the difficult trading conditions, Kpogo Ltd intends to offer a discount of 15% per unit and expects to incur GH¢4 per unit in selling costs. GH¢10 per unit is expected to be incurred to complete each unit of ABC. Required: In accordance with IAS 2 Inventories, at what amount should inventory be stated in the financial statements of Kpogo Ltd as at 31 December 2019? b. According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must select and apply its accounting policies consistently from one period to the next and among various items in the financial statements. However, an entity may change its accounting policies under certain conditions. Required: Identify the circumstances under which it may be appropriate to change accounting policy in…
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QUESTION The following information is available for work compan for 2019: Freigth-in 33,000 Purchase returns 65,000 Selling expenses 390,000 Ending inventory 180,000 the cost of goods sold is equal to 300% of selling expenses instruction what is the cost of goods available for sale?
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