90.2K

Verified Solution

Link Copied!

Help

11 Required Information Problem 9-13 (Algo) Retail inventory method: various applications (L09-3, 9-4, 9-5) 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 Part 2 of 3 133 points Coat 9 01:30 Retail 5143,500 $205,000 600.000 732.000 4.000 4,150 #.600 6,450 2022 Cost Retail S610,000 56,000 3.300 6.775 5.000 10,000 7.100 700,000 30.000 6.000 beginning inventory Purchase Purchase returns Traight- Set markup Netmarkdown out to eator to employees (set of 250 discount Moral poliage Price Index January 1, 2021 December 11, 2021 December 11, 2012 References 4,300 510,000 30,000 3.600 1.00 1.25 Problem 9-13 (Algo) Part 2 Required: 2. Estimate the 2021 ending inventary and cost of goods sold using the average cost retall method. (Round your cost-to-retail narrantna tn Harimal israentru un finalni nesretnle Hallar oblems, 18... Sved Help Save Save 600,000 4,000 4,600 772.000 4,150 11 Purchases Purchase returna Freight-in Net markupe Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index January 1, 2021 December 31, 2021 December 31, 2022 6,450 4,300 550,000 30,000 3,600 $680,000 $856.000 3,300 6,775 5.000 10,000 7,100 704,000 30,000 6,000 of 3 1.00 1.25 1.25 0130.47 Problem 9-13 (Algo) Part 2 rences Required: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar) Average Cool Retail Method Estimated ending Inventory at retail Estimated ending inventory at cout Estimated cost of goods sold

Answer & Explanation Solved by verified expert

See Answer