Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 roblem 9-13 (Algo) Part 3 Answer is complete but not entirely correct. Conventional Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated $ $ 2021 950,400 X 725,191 X Cost Retail $105,400 $170,000 430,000 622,000 2,900 4,000 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 equired: - Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retail ercentage to 2 decimal places and round your final answers to nearest whole dollar.) Retail $630,000 $792,000 2,600 2,450 6,000 8,600 6,400 690,000 14,400 5,300
Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 roblem 9-13 (Algo) Part 3 Answer is complete but not entirely correct. Conventional Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated $ $ 2021 950,400 X 725,191 X Cost Retail $105,400 $170,000 430,000 622,000 2,900 4,000 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 equired: - Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retail ercentage to 2 decimal places and round your final answers to nearest whole dollar.) Retail $630,000 $792,000 2,600 2,450 6,000 8,600 6,400 690,000 14,400 5,300
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 15P: (Appendix 8.1) Inventory Write-Down The following are the inventories for the years 2019, 2020, and...
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