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 20% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2024 2024 Cost Retail $ 150,500 $ 215,000 640,000 852,000 5,650 474,400 $ 354,756 $ (579,600) S 2,700 6,800 2025 1.00 1.25 1.25 Required: 1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Note: Round your cost-to-retail percentage calculation to 2 decimal places (i.e., 0.1234 should be 12.34%) and final answers to the nearest whole dollar. 5,600 4,450 560,000 20,000 3,100 660,025 354,756 215,000 Cost $ 735,000 3,500 5,000 2025 Retail $ 923,000 5,475 10,400 7,300 708,000 28,000 2,000 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 20% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2024 2024 Cost Retail $ 150,500 $ 215,000 640,000 852,000 5,650 474,400 $ 354,756 $ (579,600) S 2,700 6,800 2025 1.00 1.25 1.25 Required: 1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Note: Round your cost-to-retail percentage calculation to 2 decimal places (i.e., 0.1234 should be 12.34%) and final answers to the nearest whole dollar. 5,600 4,450 560,000 20,000 3,100 660,025 354,756 215,000 Cost $ 735,000 3,500 5,000 2025 Retail $ 923,000 5,475 10,400 7,300 708,000 28,000 2,000
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Related Book For
Vector Mechanics for Engineers Statics and Dynamics
ISBN: 978-0073212227
8th Edition
Authors: Ferdinand Beer, E. Russell Johnston, Jr., Elliot Eisenberg, William Clausen, David Mazurek, Phillip Cornwell
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