Business, 12.03.2021 17:10 keigleyhannah30

Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 128,000 $ 200,000 Purchases 435,000 585,000 $ 670,000 $ 843,000 Purchase returns 3,200 3,750 2,900 4,125 Freight-in 5,000 6,000 Net markups 5,300 9,200 Net markdowns 4,150 6,700 Net sales to customers 400,000 696,000 Sales to employees (net of 20% discount) 16,800 16,800 Normal spoilage 2,700 5,600 Price Index: January 1, 2021 1.00 December 31, 2021 1.25 December 31, 2022 1.25 Problem 9-13 (Algo) Part 1 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method.

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Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] Skip to question...

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