Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. Find the estimated ending inventory at retail, the estimated ending inventory at cost, and estimated cost of goods sold. Answer in text form 1Required 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, 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:44Beginning inventory.PurchasesPurchase returnsFreight-inNet markupsNetNet marNet sales to customersmarkdownsSales to employees (net of 25 % discount)Normal spoilagePrice Index:January 1, 2024December 31, 2024December 31, 2025AALim< Prev2Cost$ 96,000520,000Sm20242,7004,0001.001.251.254Retail$ 160,000803,0003,0006,0004,000670,00012,0003,000of 4Cost$ 600,0002,4008,000Next >2025Retail$ 950,0005,7508,2006,200View previous a680,00012,0004,000

Name: Estimate the 2024 ending inventory and cost of goods sold using the av
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. Find the estimated ending inventory at retail, the estimated ending inventory at cost, and estimated cost of goods sold. Answer in text form 1Required inf