Rahulyo Required informationProblem 9-7 (Algo) Retail inventory method; conventional and LIFO [LO9-3, 9-4)[The following information applies to the questions displayed below]Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2024operations is as follows:a. January 1, 2024, beginning inventory had a cost of $180,000 and a retail value of $230,000.b. Purchases during 2024 cost $1,802,000 with an original retail value of $2,695,000.c. Freight costs were $18,000 for incoming merchandise.d. Net additional markups were $200,000 and net markdowns were $295,000.e. Based on prior experience, shrinkage due to shoplifting was estimated to be $23,000 of retail value..t Merchandise is sold to employees at a 20% of selling price discount. Employee salès are recorded in a separateaccount at the net selling price. The balance in this account at the end of 2024 is $330,000.g. Sales to customers totaled $2,100,000 for the year.Problem 9-7 (Algo) Part 2Required:2. Estimate ending inventory and cost of goods sold using the LIFO retail method.Note: Assume stable prices.Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods soldLIFO RetailMethod$399,500

Name: Rahulyo Required informationProblem 9-7 (Algo) Retail inventory method
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Rahulyo Required informationProblem 9-7 (Algo) Retail inventory method; conventional and LIFO [LO9-3, 9-4)[The following information applies to the questions displayed below]Alquist Company uses the retail method to estimate its ending inventory. Sel