Required information [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 20% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 Average Cost Retail Method Cost $ 93,000 520,000 4,100 6,500 1.00 1.25 1.40 Retail $ 155,000 Cost 817,000 $ 502,000 1,750 2,500 6,000 5,000 4,000 670,000 12,000 4,000 2025 Retail $ 842,500 1,900 equired: Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. ote: Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar. 8,000 6,100 660,000 12,000 5,000

Required information [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 20% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 Average Cost Retail Method Cost $ 93,000 520,000 4,100 6,500 1.00 1.25 1.40 Retail $ 155,000 Cost 817,000 $ 502,000 1,750 2,500 6,000 5,000 4,000 670,000 12,000 4,000 2025 Retail $ 842,500 1,900 equired: Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. ote: Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar. 8,000 6,100 660,000 12,000 5,000

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Description: Required information[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 a

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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UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
8 points On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Cost $ 41,000 162,240 Retail $82,000 Net markups Net markdowns Net sales Retail price index, end of year 340,000 8,000 10,000 317,000 1.04 During 2025 (the following year), purchases at cost and retail were $195,075 and $433,500, respectively. Net markups, net markdowns, and net sales for the year were $9,000, $10,000, and $350,000, respectively. The retail price Index at the end of 2025 was 1.06. Estimate ending inventory in 2025 using the dollar-value LIFO retall method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollar. Answer is complete but not entirely correct. Ending inventory S 83,784
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
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