On January 1, 2024, ?Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and...
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Accounting
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 Static ?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.
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