!Required InformationProblem 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:20212022CostRetailCostRetailBeginning inventory$105,400 $170,000430,0002,9006,200Purchases622,0004,000$630,000 $792,0002,6006,000Purchase returns2,450Freight-inNet markupsNet markdownsNet sales to customersSales to employees (net of 20% discount)Normal spoilage5,1504,150500,00014,4001,9008,6006,400690,00014,4005,300Price Index:January 1, 2021December 31, 2021December 31, 20221.001.041.20Problem 9-13 (Algo) Part 3Required:3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retailpercentage to 2 decimal places and round your final answers to nearest whole dollar.) 20212022CostRetailCostRetailBeginning inventoryPurchases$105,400 $170,000430,0002,9006,200622,0004,000$630,000 $792,0002,6006,000Purchase returns2,450Freight-inNet markupsNet markdowns5,1504,150500,00014,4001,900৪,6006,400690,00014,4005,300Net 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 3Required:3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retailpercentage to 2 decimal places and round your final answers to nearest whole dollar.)X Answer is complete but not entirely correct.ConventionalRetailMethod2$231,433Estimated ending inventory at retail$324,064 XEstimated ending inventory at cost$678,432 XEstimated cost of goods sold

Name: !Required InformationProblem 9-13 (Algo) Retail inventory method; var
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Description: !Required InformationProblem 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.

An organization may select the method to be followed for the valuation of the inventory. The most…

Business

Accounting

following information applies to the questions displayed below.] January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transaction= cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Cost Retail Ret eginning inventory rchases $105,400 $170,000 430,000 2,900 6,200 622,000 4,000 $630,000 $792 2,600 6,000 rchase returns reight-in t markups t markdowns 5,150 4,150 500,000 14,400 1,900 6. 690 t sales to customers les to employees (net of 20% discount) rmal spoilage 14 ice Index: January 1, 2021 1.00 O60 45

following information applies to the questions displayed below.] January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transaction= cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Cost Retail Ret eginning inventory rchases $105,400 $170,000 430,000 2,900 6,200 622,000 4,000 $630,000 $792 2,600 6,000 rchase returns reight-in t markups t markdowns 5,150 4,150 500,000 14,400 1,900 6. 690 t sales to customers les to employees (net of 20% discount) rmal spoilage 14 ice Index: January 1, 2021 1.00 O60 45

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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