Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost Retail
Beginning inventory $81,000 $171,000
Purchases 375,000 571,000
Freight-in 8,100
Purchase returns 6,100 10,100
Net markups 15,100
Net markdowns 11,100
Normal spoilage 2,100
Abnormal spoilage 4,322 7,100
Sales 531,000
Sales returns 9,100

The company records sales net of employee discounts. Discounts for 2021 totaled $3,100.

Required:
a. Estimate Sparrow’s ending inventory and cost of goods sold for the year using the retail inventory method and the average cost application.
b. Estimate Sparrow’s ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application.

Which of the following differentiates cost accounting and financial accounting? a. the primary users of cost accounting are the investors, whereas the primary users of financial accounting are the managers. b. cost accounting measures only the financial information related to the costs of acquiring fixed assets in an organization, whereas financial accounting measures financial and nonfinancial information of a company's business transactions. c. cost accounting measures information related to the costs of acquiring or using resources in an organization, whereas financial accounting measures a financial position of a company to investors, banks, and external parties. d. cost accounting deals with product design, production, and marketing strategies, whereas financial accounting deals mainly with pricing of the products.

10. which of the following is true regarding preretirement inflation? a. defined-benefit plans provide more inflation protection than defined-contribution plans. b. because of preretirement inflation, possible investment-related growth is increased for defined-contribution plans. c. all types of benefits are designed to cope with preretirement inflation. d. preretirement inflation is generally reflected in the increase in an employee's compensation level over a working career.

Asap describe three different expenses associated with restaurants. choose one of these expenses, and discuss how a manager could handle this expense.