On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and re and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail $162,500 $ 250,000 800,000 7,000 12,500 Beginning inventory Purchases 1,084,000 12,150 $680,000 $1,063,000 2,000 2,000 Purchase returns 4,300 Freight-in Net markups Net markdowns Net sales to customers 11,800 8,000 722,000 22,500 6,900 6,900 4,750 950,000 Sales to employees (net of 25% discount) Normal spoilage 22,500 4, 200 Price Index: January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.25 1.25 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method.

On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and re and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail $162,500 $ 250,000 800,000 7,000 12,500 Beginning inventory Purchases 1,084,000 12,150 $680,000 $1,063,000 2,000 2,000 Purchase returns 4,300 Freight-in Net markups Net markdowns Net sales to customers 11,800 8,000 722,000 22,500 6,900 6,900 4,750 950,000 Sales to employees (net of 25% discount) Normal spoilage 22,500 4, 200 Price Index: January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.25 1.25 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method.

Name: !Required information[The following information applies to the questi
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: !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 reand cost indexes for 2021 and 2022 are a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 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, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 48,000 103,040 3,200 Retail $ 64,000 120,000 2025 16,000 3,200 117,850 3,800 Cost 2025 $ 115,150 3,700 Retail Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: 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. $ 133,000 10,400 3,400 119,440 5,920 1.00 1.06 1.12
On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 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, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 56,000 104,000 4,000 Retail $ 80,000 128,000 2025 20,000 4,000 129,465 2,700 Cost 2025 $ 109,695 4,500 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: 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. Retail $ 134,200 12,000 4,200 121,260 4,400 1.00 1.06 1.12
Manji
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
Exit Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold, The following data is available from the company records for the month of June 2021: Cost Retail Beginning inventory Net purchases Net markups Net markdowns Net sales $ 82,500 $131, 000 505,000 269,000 25,500 36,000 525, 000 The average cost-to-retail percentage is: Muitipte Choice O 56.0%. < Prev 15 of 15 Next
ABC company has the following information is available for June 2019: Cost Retail $ 60,000 $ 100,000 Inventory, 1 June Purchases 270,000 350,000 Purchase returns 2,500 1,500 Freight-in 5,500 Net markups 9,500 Net markdowns 16,000 Sales 400,000 Sales discount 3,500 If ABC company uses the cost method to determine its ending inventory at cost. what is the cost to retail ratio?
Meman
don't provide answer in image format
Please Solve all required and Do not Give image format
Hansaben
answer in text form please (without image)
Flame Company adopted the FIFO approach of in pricing in connection with the use of the retail inventory method. The retail records showed the following: entory Cost Retail 2020 928,000 7,028,000 42,000 30,000 6,840,000 556,800 4,576,000 Beginning inventory Purchases Net markup Net markdown Sales 2021 6,812,000 56,000 68,000 6,928,000 4,760,000 Purchases Net markup Net markdown Sales Required: Determine the estimated cost of inventory on December 31, 2020 and 2021 applying the FIFO retail approach.