Please answer in text form without image [The following information applies to the questions displayed below.]On January 1, 2024, Pet Friendly Stores adopted the retall Inventory method. Inventory transactions at both cost and retail,and cost Indexes for 2024 and 2025 are as follows:Beginning inventoryPurchasesPurchase returnsFreight-inNet markupsNet markdownsNet sales to customersSales to employees (net of 25% discount)Normal spoilagePrice Index:January 1, 2024December 31, 2024December 31, 2025Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold2024ConventionalRetail MethodCost$ 165,000690,0004,5004,8001.001.251.25Retail$ 220,000888,0005,1506,5004,450640,00021,9003,800Cost$ 680,0002,0005,6002025Retail$ 1,069,0004,075Required:3. Estimate the 2024 ending Inventory and cost of goods sold using the conventional retail method.Note: Round your cost-to-retall percentage to 2 decimal places and round your final answers to nearest whole dollar.10,6007,400710,00021,0002,000

Name: Please answer in text form without image [The following information ap
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Please answer in text form without image [The following information applies to the questions displayed below.]On January 1, 2024, Pet Friendly Stores adopted the retall Inventory method. Inventory transactions at both cost and retail,and cost Indexes