Question

On January 1, 2013, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2013 and 2014 are as follows:


Required:
1. Estimate the 2013 and 2014 ending inventory and cost of goods sold using the dollar-value LIFO retail method.
2. Estimate the 2013 ending inventory and cost of goods sold using the average cost method.
3. Estimate the 2013 ending inventory and cost of goods sold using the conventional retail method (average,LCM).


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  • CreatedDecember 23, 2013
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