Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] Skip to question   [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 Beginning inventory $ 162,500   $ 250,000                 Purchases   800,000     1,084,000     $ 680,000   $ 1,063,000   Purchase returns   7,000     12,150       2,000     4,300   Freight-in   12,500             2,000         Net markups         6,900             11,800   Net markdowns         4,750             8,000   Net sales to customers         950,000             722,000   Sales to employees (net of 25% discount)         22,500             22,500   Normal spoilage         4,200             6,900   Price Index:                           January 1, 2021   1.00                       December 31, 2021   1.25                       December 31, 2022   1.25                           Problem 9-13 (Algo) Part 3 Required: 3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.)

! 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…

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Brief Exercise 9-8 (Algo) Retail inventory method; LIFO [LO9-3] Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2021: Beginning inventory. Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $440,000 $ 575,000 1,350,000 925,000 62,150 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost-to-retail percentage Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale (excluding beg. Inventory) Goods available for sale (including beg. Inventory) Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 62,000 32,000 1,270,000 X Answer is complete but not entirely correct. $ $ Cost 440,000 925,000 62,150 987,150…

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