!Required InformationProblem 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:20212022CostRetailCostRetailBeginning inventory$105,400 $170,000430,0002,9006,200Purchases622,0004,000$630,000 $792,0002,6006,000Purchase returns2,450Freight-inNet markupsNet markdownsNet sales to customersSales to employees (net of 20% discount)Normal spoilage5,1504,150500,00014,4001,9008,6006,400690,00014,4005,300Price Index:January 1, 2021December 31, 2021December 31, 20221.001.041.20Problem 9-13 (Algo) Part 3Required:3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retailpercentage to 2 decimal places and round your final answers to nearest whole dollar.) 20212022CostRetailCostRetailBeginning inventoryPurchases$105,400 $170,000430,0002,9006,200622,0004,000$630,000 $792,0002,6006,000Purchase returns2,450Freight-inNet markupsNet markdowns5,1504,150500,00014,4001,900৪,6006,400690,00014,4005,300Net sales to customersSales to employees (net of 20% discount)Normal spoilagePrice Index:January 1, 2021December 31, 2021December 31, 20221.001.041.20Problem 9-13 (Algo) Part 3Required:3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retailpercentage to 2 decimal places and round your final answers to nearest whole dollar.)X Answer is complete but not entirely correct.ConventionalRetailMethod2$231,433Estimated ending inventory at retail$324,064 XEstimated ending inventory at cost$678,432 XEstimated cost of goods sold

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Description: !Required InformationProblem 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.

An organization may select the method to be followed for the valuation of the inventory. The most…

Business

Accounting

following information applies to the questions displayed below.] January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transaction= cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Cost Retail Ret eginning inventory rchases $105,400 $170,000 430,000 2,900 6,200 622,000 4,000 $630,000 $792 2,600 6,000 rchase returns reight-in t markups t markdowns 5,150 4,150 500,000 14,400 1,900 6. 690 t sales to customers les to employees (net of 20% discount) rmal spoilage 14 ice Index: January 1, 2021 1.00 O60 45

following information applies to the questions displayed below.] January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transaction= cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Cost Retail Ret eginning inventory rchases $105,400 $170,000 430,000 2,900 6,200 622,000 4,000 $630,000 $792 2,600 6,000 rchase returns reight-in t markups t markdowns 5,150 4,150 500,000 14,400 1,900 6. 690 t sales to customers les to employees (net of 20% discount) rmal spoilage 14 ice Index: January 1, 2021 1.00 O60 45

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 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for...

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Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was shipped FOB destination, and the second for 4,000 was shipped FOB shipping point. Neither purchase had been received nor paid for on December 31, 2019. Required: Which of these purchases, if either, does Gravais include in inventory on December 31, 2019? What is the cost?
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 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 1 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 2022 Cost Retail $ 96,000 $160,000 520,000 803,000 2,700 3,000 4,000 1.00 1.25 1.25 6,000 4,000 670,000 12,000 3,000 2822 Cost $600,000 $950,000 2,400 5,750 8,000 Retail Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO…
Required information [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: 2021 2022 Cost Retail Cost Retail $111,600 $180,000 488,000 3,100 6,500 Beginning inventory $640,000 $808,000 2,800 6,000 Purchases 685,000 4,000 Purchase returns 6,400 Freight-in Net markups 5,650 4,150 525,000 14,000 1,600 9,000 6,600 645,000 14,000 2,300 Net markdowns Net sales to customers Sales to employees (net of 308 discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.20 1.25 Required: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.) Average Cost Retail Method Estimated ending inventory at retail Estimated…
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 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 2 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 Average Cost Retail Method Cost Retail $ 96,000 $160,000 520,000 883,000 2,700 4,000 3,000 1.00 1.25 1.25 6,000 4,000 670,000 12,000 3,000 2022 Cost Retail $600,000 $950,000 2,400 5,750 8,000 Required: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost…
! 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 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 1 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 $ 370,000 $ 191,571 2021 2022 Cost Retail $152,750 $235,000 537,000 770,000 5,000 6,300 3,150 1.00 1.25 1.25 6,750 4,600 600,000 22,500 4,000 Cost 2022 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Retail…
! 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 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 3 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 Conventional Retail Method Retail Cost $ 96,000 $160,000 803,000 520,000 2,700 4,000 3,000 1.00 1.25 1.25 6,000 4,000 670,000 12,000 3,000 2822 Cost Retail $600,000 $950,000 2,400 5,750 8,000 Required: 3. Estimate the 2021 ending inventory and cost of goods sold using the conventional…
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 Problem 9-13 (Algo) Part 3 X Answer is complete but not entirely correct. Conventional Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2021 950,400 X 725,191 X 725,191 x Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 Required: 3. Estimate the 2021 ending inventory and…
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 Problem 9-13 (Algo) Part 2 X Answer is complete but not entirely correct. Average Cost Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 950,400 x 725,191 X (236,600) X 2021 Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Required: 2. Estimate the 2021 ending inventory and cost of…
! Required information [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 re and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost $162,500 $ 250,000 800,000 7,000 12,500 Retail Cost Retail Beginning inventory Purchases 1,084,000 12,150 $680,000 $1,063,000 2,000 2,000 Purchase returns 4,300 Freight-in Net markups 6,900 4,750 950,000 22,500 4,200 11,800 8,000 722,000 22,500 6,900 Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.25 1.25 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method.
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: 2021 Cost 2022 Retail $156,000 $240,000 510,000 752, e00 6,200 6,200 Cost Retail Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 30% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 $725,000 $1, 123,000 4,000 7,000 3,650 6,600 6,250 4,600 500, 000 21,000 6,200 11,400 7,800 718,000 21,000 3,000 1.00 1.25 1.50 Problem 9-13 (Algo) Part 1 Reauired: ( Prev 2. 3 4 of 4 Next > Problem 9-13 (Algo) Part 1 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail…
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: 2022 Retail 2021 Cost Retail Cost Beginning inventory Purchases $105,400 $170,000 430,000 2,900 6,200 $630,000 $792,000 2,600 6,000 622,000 4,000 Purchase returns 2,450 Freight-in Net markups Net markdowns 8,600 6,400 690,000 14,400 5,300 5,150 4,150 500,000 14,400 1,900 Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.04 1.20 Problem 9-13 (Algo) Part 1 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. X Answer is complete but not entirely correct. 2021 2022 Estimatedending inventory at…
! 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, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 2024 2025 Cost Retail Cost Retail $ 165,000 $220,000 690,000 4,500 888,000 5,150 4,800 $ 680,000 2,000 5,600 $ 1,069,000 4,075 6,600 10,600 4,450 7,400 640,000 710,000 1.00 1.25 1.25 21,000 3,800 21,000 2,000 Problem 9-13 (Algo) Part 2 Required: 2. Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. Note: Round your cost-to-retail percentage to 2 decimal places and round…