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

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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

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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

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