!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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Required information [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 2022 Cost Retail Cost Retail $111,600 $180,000 488,000 3,100 6,500 Beginning inventory $640,000 $808,000 2,800 6,000 Purchases 685,000 4,000 Purchase returns 6,400 Freight-in Net markups 5,650 4,150 525,000 14,000 1,600 9,000 6,600 645,000 14,000 2,300 Net markdowns Net sales to customers Sales to employees (net of 308 discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.20 1.25 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…
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On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost Retail $39,000 $ 52,000 96,920 114,000 $102,775 $118,600 2,600 3,100 2022 13,000 2,600 111,010 2,200 2022 Cost Retail Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 9,200 2,800 108,840 4,960 1.00 1.08 1.10
Required information Skip to question [The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 78 $ 123 Purchases 669 1,004 Freight-in on purchases 28 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 914 Required:1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
On January 1, 2019, Lexor Company adopted the dollar-value-LIFO method of inventory costing. Lexor's ending inventory records appear as follows: Year Current cost Index 2019 $ 42,000 100 (1.00) 2020 58,000 110 (1.10) 2021 60,100 120 (1.20) 2022 68,200 130 (1.30) Compute the ending inventory for the years 2019, 2020, 2021, and 2022, using the dollar-value LIFO method. Round to the nearest dollar. Show all work. You can use the previous homework template that you used for
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 2022 Cost Retail Cost Retail Beginning inventory $ 159,250 $ 245,000 Purchases 450,000 631,000 $ 685,000 $ 918,000 Purchase returns 4,500 3,550 4,100 4,500 Freight-in 7,200 7,000 Net markups 5,900 11,600 Net markdowns 4,600 7,900 Net sales to customers 500,000 720,000 Sales to employees (net of 20% discount) 24,000 24,000 Normal spoilage 3,500 6,800 Price Index: January 1, 2021 1.00 December 31, 2021 1.25 December 31, 2022 1.25
Windsor Company began operations on January 1, 2018, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2021. The following information is available for the years 2018-2020. 2018 2019 2020 Net Income Computed Using Average-Cost Method $16,080 17,980 19,920 FIFO Method LIFO Method $18,980 $11,940 14,020 17,050 20,800 24,890 (a) Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
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Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $19,000 and its retail value was $25,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $39,000 $51,000 Required 1 Required 2 Retail Price Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? 2. Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. Ending inventory Index 1.30 1.50 Complete this question by entering your answers in the tabs below. 2021 Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. (Round your answers to the nearest whole dollar amount.) Cost-to-Retail Percentage 78% 80% 2022
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