On January 1, 2021, Pet Friendly Stores adopted the retall inventory method. Inventory transactions at both cost and retal, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail $105,400 $170,000 430,000 2,900 6,200 Cost Retail Beginning inventory Purchases 622,000 4,000 $630,000 $792,000 2,600 6,000 Purchase returns 2,450 Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: 5,150 4,150 500,000 14,400 1,900 8,600 6,400 690,000 14,400 5,300 January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.04 1.20 Problem 9-13 (Algo) Part 2 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.)

On January 1, 2021, Pet Friendly Stores adopted the retall inventory method. Inventory transactions at both cost and retal, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail $105,400 $170,000 430,000 2,900 6,200 Cost Retail Beginning inventory Purchases 622,000 4,000 $630,000 $792,000 2,600 6,000 Purchase returns 2,450 Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: 5,150 4,150 500,000 14,400 1,900 8,600 6,400 690,000 14,400 5,300 January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.04 1.20 Problem 9-13 (Algo) Part 2 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.)

Name: Problem 9-13 (Algo) Retail inventory method; various applications [LO
Uploaded: 2024-03-20T06:32:37.000Z
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Description: 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 retall inventory method. Inventory transactio

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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