! 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

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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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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…
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