Do not give solution in image 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 2021are as follows:Beginning inventoryPurchasesFreight-inPurchase returnsNet markupsNet markdownsNormal spoilageAbnormal spoilageSalesSales returnsCost$ 99,000359,0009,9007,900Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold5,183Retail$189,000589,00011,90016,90012,9003,9008,900549,00010,900The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,900.equired:Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the average costpplication. (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.)Average costapplication

In accounting, average cost refers to the method used to determine the cost of goods sold (COGS) and…

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 2021 are as follows: Beginning inventory Purchases Freight-in Purchase returns. Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost $ 99,000 359,000 9,900 7,900 5,183 imated ending inventory at retail imated ending inventory at cost imated cost of goods sold Retail $189,000 589,000 11,900 16,900 12,900 3,900 8,900 549,000 10,900 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,900. uired: stimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the average cost lication. (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 2021 are as follows: Beginning inventory Purchases Freight-in Purchase returns. Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost $ 99,000 359,000 9,900 7,900 5,183 imated ending inventory at retail imated ending inventory at cost imated cost of goods sold Retail $189,000 589,000 11,900 16,900 12,900 3,900 8,900 549,000 10,900 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,900. uired: stimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the average cost lication. (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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