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. Inventory transactions at both cost and retail,and cost indexes for 2021 and 2022 are as follows:Beginning inventoryPurchasesPurchase returnsFreight-inNet markupsNet markdownsNet sales to customersSales to employees (net of 20% discount)Normal spoilagePrice Index:January 1, 2021December 31, 2021December 31, 2022Problem 9-13 (Algo) Part 2X Answer is complete but not entirely correct.Average CostRetail MethodEstimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold$$$950,400 x725,191 X(236,600) X2021Cost Retail$105,400 $170,000430,000622,0004,0002,9006,2001.001.041.205,1504,150500,00014,4001,900Required:2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method. (Round your cost-to-retailpercentage to 2 decimal places and round your final answers to nearest whole dollar.)Cost2022Retail$630,000 $792,0002,6002,4506,0008,6006,400690,00014,4005,300

Name: Required informationProblem 9-13 (Algo) Retail inventory method; vari
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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.

The weighted average cost method calculates inventory value based on the averaged cost of purchased…

Business

Accounting

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 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 2 Answer is complete but not entirely correct. Average Cost Retail Method 950,400 725,191 X Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ (236,600) 2021 Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 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.) Retail $630,000 $792,000 2,600 2,450 6,000 8,600 6,400 690,000 14,400 5,300

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 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 2 Answer is complete but not entirely correct. Average Cost Retail Method 950,400 725,191 X Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ (236,600) 2021 Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 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.) Retail $630,000 $792,000 2,600 2,450 6,000 8,600 6,400 690,000 14,400 5,300

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 Skip to question [The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 78 $ 123 Purchases 669 1,004 Freight-in on purchases 28 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 914 Required:1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
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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 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 3 X Answer is complete but not entirely correct. Conventional Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2021 950,400 X 725,191 X 725,191 x Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 Required: 3. Estimate the 2021 ending inventory and…
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! 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 2024 2025 Cost Retail Cost Retail $ 165,000 $220,000 690,000 4,500 888,000 5,150 4,800 $ 680,000 2,000 5,600 $ 1,069,000 4,075 6,600 10,600 4,450 7,400 640,000 710,000 1.00 1.25 1.25 21,000 3,800 21,000 2,000 Problem 9-13 (Algo) Part 2 Required: 2. Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. Note: Round your cost-to-retail percentage to 2 decimal places and round…
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