On January Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for and are as follows:
Cost Retail Cost Retail
Beginning inventory $ $
Purchases $ $
Purchase returns
Freightin
Net markups
Net markdowns
Net sales to customers
Sales to employees net of discount
Normal spoilage
Price Index:
January
December
December
Problem Algo Part
Required:
Estimate the and ending inventory and cost of goods sold using the dollarvalue LIFO retail method.
Note: Round your costtoretail percentage calculation to decimal places ie should be and final answers to the nearest whole dollar.
