On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both...

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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 30% discount) Normal spoilage Price Index: January 1, 2024 Required: December 31, 2024 December 31, 2025 2024 2025 Cost Retail Cost Retail $ 168,750 $ 225,000 503,000 4,000 5,800 633,000 3,650 $ 665,000 3,700 5,000 $ 1,113,000 5,800 6,100 4,450 453,000 20,300 10,800 7,500 712,000 20,300 6,400 6,000 1.00 1.25 1.25 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 your final answers to nearest whole dollar. Estimated ending inventory at retail Average Cost Retail Method Estimated ending inventory at cost Estimated cost of goods sold 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 30% discount) Normal spoilage Price Index: January 1, 2024 Required: December 31, 2024 December 31, 2025 2024 2025 Cost Retail Cost Retail $ 168,750 $ 225,000 503,000 4,000 5,800 633,000 3,650 $ 665,000 3,700 5,000 $ 1,113,000 5,800 6,100 4,450 453,000 20,300 10,800 7,500 712,000 20,300 6,400 6,000 1.00 1.25 1.25 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 your final answers to nearest whole dollar. Estimated ending inventory at retail Average Cost Retail Method Estimated ending inventory at cost Estimated cost of goods sold