Sparrow Company uses the retail inventory method to estimate ending inventoryand cost of goods sold. Data for 2024 are as follows:BeginninginventoryPurchasesFreight-inPurchasereturnsNet markupsNet markdownsNormalspoilageAbnormalspoilageSalesSales returnsCostEstimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods soldRetail$90,000180,000355,000 580,0009,0007,0004,80011,00016,00012,0003,0008,000540,00010,000The company records sales net of employee discounts. Employee discounts for2024 totaled $4,000.1. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retailinventory method and the average cost application.Note: Round Cost-to-retail percentage to 2 decimal places and final answers to thenearest whole dollar amount.Average costapplication esSparrow Company uses the retail inventory method to estimate ending inventoryand cost of goods sold. Data for 2024 are as follows:BeginninginventoryPurchasesFreight-inPurchasereturns.Net markupsNet markdownsNormalspoilageormalspoilageSalesSales returnsCost$97,000363,0009,7007,700Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold5,546Retail$187,000587,00011,70016,70012,7003,7008,700547,00010,700The company records sales net of employee discounts. Employee discounts for2024 totaled $4,700.2. Estimate Sparrow's ending inventory and cost of goods sold for the year using theretail inventory method and the conventional application.Note: Round Cost-to-retail percentage to 2 decimal places and final answers to thenearest whole dollar amount.Conventionalapplication

Name: Sparrow Company uses the retail inventory method to estimate ending i
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Sparrow Company uses the retail inventory method to estimate ending inventoryand cost of goods sold. Data for 2024 are as follows:BeginninginventoryPurchasesFreight-inPurchasereturnsNet markupsNet markdownsNormalspoilageAbnormalspoilageSalesSales re

As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Business

Accounting

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 Retail $ 90,000 180,000 355,000 580,000 9,000 7,000 4,800 11,000 16,000 12,000 3,000 8,000 540,000 10,000 The company records sales net of employee discounts. Employee discounts for 2024 totaled $4,000. 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.

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 Retail $ 90,000 180,000 355,000 580,000 9,000 7,000 4,800 11,000 16,000 12,000 3,000 8,000 540,000 10,000 The company records sales net of employee discounts. Employee discounts for 2024 totaled $4,000. 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost RetailBeginning inventory $ 12,000 $ 20,000Purchases 102,600 165,000Freight-in 3,480Purchase returns 4,000 7,000Net markups 6,000Net markdowns 3,000Normal spoilage 4,200Net sales…
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018: Cost Retail Beginning inventory $ 72,420 $ 142,000 Net purchases 107,100 264,000 Net markups 6,000 Net markdowns 15,000 Net sales 229,000 Retail price index, 12/31/18 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2018. Please don't provide answer in image format thank you
Please answer in text form without image
D
go.4
Please don't give images in Solutions
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost Retail $39,000 $ 52,000 96,920 114,000 $102,775 $118,600 2,600 3,100 2022 13,000 2,600 111,010 2,200 2022 Cost Retail Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 9,200 2,800 108,840 4,960 1.00 1.08 1.10
None
Do not give solution in image
9