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  3. instructions: please read carefully! failure to fo

INSTRUCTIONS: Please read carefully! Failure to follow these instructions will lead to lost points! To...

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Accounting

INSTRUCTIONS: Please read carefully! Failure to follow these instructions will lead to lost points! To receive full credit, the following are required: Numerical answers are correct Journal entries are formatted correctly For each question, clearly identify the final answer. If I cannot determine which value is the final answer or if the writing is illegible, the question will not receive any points.

4. (5 pts) Treenail Inc. uses a periodic inventory system and has the following inventory data for the year ending December 31, 2021:

Cost Retail
Beginning inventory 16,000 45,000
Net purchases 14,000 54,000
Net markups 1,000
Net markdowns 4,600
Net sales 72,000
  1. (3 pts) Assume Treenail Inc. uses the conventional retail inventory method, please calculate the following:
    • Cost to Retail Percentage =
    • Estimated Ending Inventory (cost) =
    • Estimated Cost of Goods Sold (cost) =

%

_____

$ $

_____

_____

b. (2 pts) What is the difference between the average-cost retail inventory method and the conventional retail inventory method? Please provide one reason why a firm would opt for the conventional retail inventory method.

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