Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2024 are as follows: Beginning inventory Cost $ 92,000 Retail $ 182,000 Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 360,000 582,000 9,200 7,200 11,200 16,200 12,200 3,200 4,840 8,200 542,000 10,200 The company records sales net of employee discounts. Employee discounts for 2024 totaled $4,200. .Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventiona pplication. lote: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2024 are as follows: Beginning inventory Cost $ 92,000 Retail $ 182,000 Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 360,000 582,000 9,200 7,200 11,200 16,200 12,200 3,200 4,840 8,200 542,000 10,200 The company records sales net of employee discounts. Employee discounts for 2024 totaled $4,200. .Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventiona pplication. lote: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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