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:2021COst$150,500 $215,000640,0002,7006,8002022BatallCostBeginning inventoryPurchanesPurchase returnsFreight-inNet markups852,0005,650$735.000 S923,0003,5005.0005,4755,6004,450560,00020,0003,10010,4002,300708,000Net markdownaNet nalen to cuntomersSales to employees (net of 201 dincount)Normal spoilagePrice IndexiJanuary 1, 2021December 31, 2021December 31, 202220,0002,0001.001.251.25Required:1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method.20212022Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold

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 cost and retail,and cost indexes for 2021 and 2022 are as follows:2021COst$150,500 $215,000640,0002,7006,8002022BatallCostBeginning inventory

Under the LIFO method of inventory valuation, Ending inventory shall consist of the value of…

Answered: Required: 1. Estimate the 2021 and 2022…

Business

Accounting

Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method.

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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