! 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 3 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 Conventional Retail Method Retail Cost $ 96,000 $160,000 803,000 520,000 2,700 4,000 3,000 1.00 1.25 1.25 6,000 4,000 670,000 12,000 3,000 2822 Cost Retail $600,000 $950,000 2,400 5,750 8,000 Required: 3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retall percentage to 2 decimal places and round your final answers to nearest whole dollar.) 8,200 6,200 680,000 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, 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 3 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 Conventional Retail Method Retail Cost $ 96,000 $160,000 803,000 520,000 2,700 4,000 3,000 1.00 1.25 1.25 6,000 4,000 670,000 12,000 3,000 2822 Cost Retail $600,000 $950,000 2,400 5,750 8,000 Required: 3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retall percentage to 2 decimal places and round your final answers to nearest whole dollar.) 8,200 6,200 680,000 12,000 4,000

Name: !Required InformationProblem 9-13 (Algo) Retail inventory method; var
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
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

See similar textbooks

Similar questions

PI Required information [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 2024 operations is as follows: a. January 1, 2024, beginning inventory had a cost of $210,000 and a retail value of $260,000. b. Purchases during 2024 cost $1,467,000 with an original retail value of $2,330,000. c. Freight costs were $21,000 for incoming merchandise. d. Net additional markups were $240,000 and net markdowns were $170,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $26,000 of retail value. f. Merchandise is sold to employees at a 20% of selling price discount. Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of 2024 is $360,000. g. Sales to customers totaled $1,860,000 for the year. Required: 2. Estimate ending inventory and cost of goods sold using the LIFO retail…
On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Cost Retail Beginning inventory $ 72,900 $ 135,000 Net purchases 102,150 232,000 Net markups 5,000 Net markdowns 10,000 Net sales 200,000 Retail price index, 12/31/2024 1.08 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Ending inventory at retail:_________ Ending inventory at cost:__________ Cost of goods sold:_______________
Sh21
Please answer in text form without image
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
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
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
Please do not give solution in image format thanku
9
Please don't provide answer in image format thank you
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…
answer in text form please (without image)