Problem 9-6(Algo) Retail inventory method; average cost and conventional [LO9-3,9-4] Skip to question...
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Accounting
Problem Algo Retail inventory method; average cost and conventional LO
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Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for are as follows:
Cost Retail
Beginning inventory $ $
Purchases
Freightin
Purchase returns
Net markups
Net markdowns
Normal spoilage
Abnormal spoilage
Sales
Sales returns
The company records sales net of employee discounts. Employee discounts for totaled $
Problem Algo Part
Required:
Estimate Sparrows ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application. Round Costtoretail percentage to decimal places and final answers to the nearest whole dollar amount.
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