Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. problem 9-6(algo) retail inventory method; average

Problem 9-6(Algo) Retail inventory method; average cost and conventional [LO9-3,9-4] Skip to question...

70.2K

Verified Solution

Question

Accounting

Problem 9-6(Algo) Retail inventory method; average cost and conventional [LO9-3,9-4]
Skip to question
[The following information applies to the questions displayed below.]
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows:
Cost Retail
Beginning inventory $ 89,000 $ 179,000
Purchases 352,000579,000
Freight-in 8,900
Purchase returns 6,90010,900
Net markups 15,900
Net markdowns 11,900
Normal spoilage 2,900
Abnormal spoilage 4,5127,900
Sales 539,000
Sales returns 9,900
The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,900.
Problem 9-6(Algo) Part 2
Required:
2. Estimate Sparrows ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application. (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Add the given vectors by components U 0 327 0 171 1 V 0 647...

Basic Math
Q

Prepare the necessary adjusting entries at December 31, 2018,for the Microchip Company for each...

Accounting
Q

ection D YDSE with glass slab Optical path 1 A flint glass and a crown...

Physics
Q

Question 9 A ray that divides an angle into two angles that are congruent A...

Geometry
Q

equation of the line that satisfies the given conditions Through 7 8 perpendicular to the...

Calculus
Q

In ln x lima In 2

Calculus
Q

How do I get this answer [The following information applies to the questions displayed...

Accounting
Q

The following information applies to the questions displayed below] On October 1, Ebony Ernst organized...

Accounting
Q

Help Save & Exit www.eco Soldin une towed 594000 www.tot terec, alborkouts for the year...

Accounting
Q

Part b. You are a senior financial analyst of a firm based in Sydney....

Accounting
Q

The denominator of Earnings per share computation includes the weighted average number of common shares...

Accounting
Q

SunriseIncorporated, is trying to determine its cost of debtThe firm has a debt issue outstanding...

Finance