[The following information applies to the questions displayed below] On January 1, 2024, Pet Friendly Stores adopted the retall 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 narkups Net sarkdowns Net sales to customers Sales to employees (net of 25% 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 Conventional Retail Method Cost $ 165,000 690,000 4,500 4,800 1.00 1.25 1.25 Retail $ 220,000 888,000 5,150 6,500 4,450 640,000 21,000 3,800 Cost $ 680,000 2,000 5,600 2825 Retail $1,069,000 4,075 Required: 3. Estimate the 2024 ending inventory and cost of goods sold using the conventional retall method. Note: Round your cost-to-retall percentage to 2 decimal places and round your final answers to nearest whole dollar. 10,600 7,400 710,000 21,000 2,000
[The following information applies to the questions displayed below] On January 1, 2024, Pet Friendly Stores adopted the retall 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 narkups Net sarkdowns Net sales to customers Sales to employees (net of 25% 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 Conventional Retail Method Cost $ 165,000 690,000 4,500 4,800 1.00 1.25 1.25 Retail $ 220,000 888,000 5,150 6,500 4,450 640,000 21,000 3,800 Cost $ 680,000 2,000 5,600 2825 Retail $1,069,000 4,075 Required: 3. Estimate the 2024 ending inventory and cost of goods sold using the conventional retall method. Note: Round your cost-to-retall percentage to 2 decimal places and round your final answers to nearest whole dollar. 10,600 7,400 710,000 21,000 2,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...
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