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, 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 25 % discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 AIAIAI T 2024 Cost $ 96,000 520,000 2,700 4,000 1.00 1.25 1.25 Retail $ 160,000 803,000 3,000 6,000 4,000 670,000 12,000 3,000 Cost $ 600,000 2,400 8,000 W 2025 Retail $ 950,000 5,750 8,200 6,200 View previou 680,000 12,000 4,000

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, 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 25 % discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 AIAIAI T 2024 Cost $ 96,000 520,000 2,700 4,000 1.00 1.25 1.25 Retail $ 160,000 803,000 3,000 6,000 4,000 670,000 12,000 3,000 Cost $ 600,000 2,400 8,000 W 2025 Retail $ 950,000 5,750 8,200 6,200 View previou 680,000 12,000 4,000

Name: Estimate the 2024 ending inventory and cost of goods sold using the av
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Description: Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. Find the estimated ending inventory at retail, the estimated ending inventory at cost, and estimated cost of goods sold. Answer in text form 1Required inf

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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