Required information 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 retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 1 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ 2021 370,000 191,571 2021 Cost Retail $152,750 $235,000 537,000 770,000 5,000 6,300 3,150 2022 1.00 1.25 1.25 6,750 4,600 600,000 22,500 4,000 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. 2022 Cost Retail $700,000 $879,000 3,900 3,625 7,000 11,200 7,700 716,000 22,500 6,600

Required information 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 retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 1 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ 2021 370,000 191,571 2021 Cost Retail $152,750 $235,000 537,000 770,000 5,000 6,300 3,150 2022 1.00 1.25 1.25 6,750 4,600 600,000 22,500 4,000 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. 2022 Cost Retail $700,000 $879,000 3,900 3,625 7,000 11,200 7,700 716,000 22,500 6,600

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Description: !Required informationProblem 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 retail inventory 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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Knowledge Check Crane Works' uses a periodic inventory system. Its accounting records show the following as of December 31, 2025. Inventory, Dec. 31, 2025 Purchase Returns and Allowances Inventory, Jan. 1, 2025 Cost of goods purchased Cost of goods sold $ $4,050 $ 730 5,550 Compute cost of goods purchased and cost of goods sold. Freight-In Purchases Purchase Discounts $1,800 95,100 1,480 Sused Submit Answer
Required information [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 $111,600 $180,000 488,000 3,100 6,500 Beginning inventory $640,000 $808,000 2,800 6,000 Purchases 685,000 4,000 Purchase returns 6,400 Freight-in Net markups 5,650 4,150 525,000 14,000 1,600 9,000 6,600 645,000 14,000 2,300 Net markdowns Net sales to customers Sales to employees (net of 308 discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.20 1.25 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.) Average Cost Retail Method Estimated ending inventory at retail Estimated…
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost Retail $39,000 $ 52,000 96,920 114,000 $102,775 $118,600 2,600 3,100 2022 13,000 2,600 111,010 2,200 2022 Cost Retail Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 9,200 2,800 108,840 4,960 1.00 1.08 1.10
TRANSACTIONS DURING January 2019 Cost (OMR) Amount (OMR) 3000 3000 Date Particulars Units Beginning Inventory 300 200 10 15 January 1 January 2 January 11 Purchase January 18 Purchase Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Date Particulars Units Cost (OMR) Amount (OMR) January 8 Sales 300 30 9000 January 15 Sales 250 40 10000 Total Sales 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetual inventory method
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
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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
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Brief Exercise 9-8 (Algo) Retail inventory method; LIFO [LO9-3] Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2021: Beginning inventory. Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $440,000 $ 575,000 1,350,000 925,000 62,150 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost-to-retail percentage Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale (excluding beg. Inventory) Goods available for sale (including beg. Inventory) Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 62,000 32,000 1,270,000 X Answer is complete but not entirely correct. $ $ Cost 440,000 925,000 62,150 987,150…