On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both costand retail, and cost indexes for 2021 and 2022 are as follows:20212022CostRetailCostRetailBeginning inventory$ 90,000$150,000Purchases478,000730,000$511,0002,200$760,0004,000Purchase returns2,5003,500Freight-inNet markups6,9608,0008,50010,000Net markdowns4,0006,000Net sales to customers650,000680,000Sales to employees (net of 30% discount)Normal spoilage14,00017,5005,0006,600Price Index:January 1, 2021December 31, 20211.001.03December 31, 20221.06Required:1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retailmethod.2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method.3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method.

Name: On January 1, 2021, Pet Friendly Stores adopted the retail inventory
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Description: On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both costand retail, and cost indexes for 2021 and 2022 are as follows:20212022CostRetailCostRetailBeginning inventory$ 90,000$150,000Purchases478

Retail inventory method is a good measure to record the ending inventory of small businesses like…

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On January 1, 20. and retail, and cost indexes for 2021 and 2022 are as follows: Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost 2021 2022 Cost Retail Cost Retail Beginning inventory Purchases $ 90,000 $150,000 478,000 2,500 6,960 730,000 $511,000 $760,000 4,000 Purchase returns 3,500 2,200 Freight-in Net markups Net markdowns 8,000 8,500 10,000 4,000 6,000 Net sales to customers 650,000 680,000 Sales to employees (net of 30% discount) 14,000 17,500 Normal spoilage Price Index: 5,000 6,600 January 1, 2021 1.00 December 31, 2021 1.03 December 31, 2022 1.06

On January 1, 20. and retail, and cost indexes for 2021 and 2022 are as follows: Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost 2021 2022 Cost Retail Cost Retail Beginning inventory Purchases $ 90,000 $150,000 478,000 2,500 6,960 730,000 $511,000 $760,000 4,000 Purchase returns 3,500 2,200 Freight-in Net markups Net markdowns 8,000 8,500 10,000 4,000 6,000 Net sales to customers 650,000 680,000 Sales to employees (net of 30% discount) 14,000 17,500 Normal spoilage Price Index: 5,000 6,600 January 1, 2021 1.00 December 31, 2021 1.03 December 31, 2022 1.06

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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