Required information[The following information applies to the questions displayed below.]On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail,and cost indexes for 2024 and 2025 are as follows:Beginning inventoryPurchasesPurchase returns.Freight-inNet markupsNet markdownsNet sales to customersSales to employees (net of 20% discount)Normal spoilagePrice Index:January 1, 2024December 31, 2024December 31, 2025Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold202420242025Cost$ 93,000520,0004,1006,5001.001.251.40Retail$ 155,000817,0001,7505,0004,000670,00012,0004,000Cost$ 502,0002,5006,0002025RetailRequired:1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method.Note: Round your cost-to-retail percentage calculation to 2 decimal places (i.e., 0.1234 should be 12.34%) and final answers to thenearest whole dollar.$ 842,5001,9008,0006,100660,00012,0005,000

Name: Required information[The following information applies to the questio
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Required information[The following information applies to the questions displayed below.]On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail,and cost indexes for 2024 and 2025 a

According to the question given, we need to compute the estimated cost of goods sold and ending…

Business

Accounting

On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 2024 Cost $ 93,000 520,000 4,100 6,500 1.00 1.25 1.40 Retail $ 155,000 817,000 $ 502,000 1,750 5,000 4,000 Cost 670,000 12,000 4,000 2,500 6,000 2025 Retail $ 842,500 1,900 8,000 6,100 660,000 12,000 5,000 Required: 1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Note: Round your cost-to-retail percentage calculation to 2 decimal places (i.e., 0.1234 should be 12.34%) and final answers to t nearest whole dollar

On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 2024 Cost $ 93,000 520,000 4,100 6,500 1.00 1.25 1.40 Retail $ 155,000 817,000 $ 502,000 1,750 5,000 4,000 Cost 670,000 12,000 4,000 2,500 6,000 2025 Retail $ 842,500 1,900 8,000 6,100 660,000 12,000 5,000 Required: 1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Note: Round your cost-to-retail percentage calculation to 2 decimal places (i.e., 0.1234 should be 12.34%) and final answers to t nearest whole dollar

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

8 points On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Cost $ 41,000 162,240 Retail $82,000 Net markups Net markdowns Net sales Retail price index, end of year 340,000 8,000 10,000 317,000 1.04 During 2025 (the following year), purchases at cost and retail were $195,075 and $433,500, respectively. Net markups, net markdowns, and net sales for the year were $9,000, $10,000, and $350,000, respectively. The retail price Index at the end of 2025 was 1.06. Estimate ending inventory in 2025 using the dollar-value LIFO retall method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollar. Answer is complete but not entirely correct. Ending inventory S 83,784
Presented below is information related to Splish Company. December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 Date 2024 2025 2026 2027 $ $ $ $ $ Ending Inventory (End-of-Year Prices) $ $83,600 117,832 Compute the ending inventory for Splish Company for 2022 through 2027 using the dollar-value LIFO method. 116,501 131,709 157,765 190,224 Ending Inventory 83,600 207,802 Price Index 100 100 104 119 129 139 144
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
Please do not give solution in image format thanku
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
Please help me
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
Presented below is information related to Sheffield Company. December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 Date 2026 2027 Ending Inventory (End-of-Year Prices) $ $82,100 117,104 114,835 129,516 154,985 183,168 Compute the ending inventory for Sheffield Company for 2022 through 2027 using the dollar-value LIFO method. Price Index Ending Inventory 100 104 119 129 139 144
don't provide answer in image format
Please Solve all required and Do not Give image format
Please do not give solution in image format thanku