Please do not give solution in image format thanku Required information[The following information applies to the questions displayed below]Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for2024 are as follows:Beginning inventoryPurchasesFreight-inPurchase returnsNet markupsNet markdownsNormal spoilage.Abnormal spoilageSalesSales returnsCost$ 86,000363,0008,6006,6004,631Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods soldRetail$ 176,000576,000The company records sales net of employee discounts. Employee discounts for 2024 totaled $3,600.10,60015,60011,6002,6007,600536,0009,600Required:1. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the average costapplication.Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.Average costapplication1 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventionalapplication.Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.Estimated ending inventory at retailEstimated ending inventory at cost.Estimated cost of goods soldConventionalapplication4

Name: Please do not give solution in image format thanku Required informatio
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Description: Please do not give solution in image format thanku Required information[The following information applies to the questions displayed below]Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for2

According to the retail inventory accounting technique, the opening stock, purchases, and closing…

Business

Accounting

Required information [The following information applies to the questions displayed below] Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2024 are as follows: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost $ 86,000 363,000 8,600 6,600 2,600 7,600 536,000 9,600 The company records sales net of employee discounts. Employee discounts for 2024 totaled $3,600. Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 176,000 576,000 4,631 10,600 15,600 11,600 Required: 1. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the average cost application. Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount. Average cost application

Required information [The following information applies to the questions displayed below] Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2024 are as follows: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost $ 86,000 363,000 8,600 6,600 2,600 7,600 536,000 9,600 The company records sales net of employee discounts. Employee discounts for 2024 totaled $3,600. Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 176,000 576,000 4,631 10,600 15,600 11,600 Required: 1. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the average cost application. Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount. Average cost application

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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