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View History Bookmarks People Tab Window Help M 97 Sun toring Enable so.com/secured lockdown led: Chapter 09 GRADED Problems, 18 Help Seve Required information Problem 9-7 (Algo) Retail inventory method; conventional and LIFO [LO9-3, 9-4) The following information applies to the questions played below) Alquist Company uses the retail method to estimate is ending inventory Selected information about its year 2021 operations is as follows: 6. January 1, 2021, beginning inventory had a cost of $134,000 and a retail Value of $160,000 b. Purchases during 2021 cost $1375.000 with an original retail value of $2,115,000 C. Freight costs were $11,000 for incoming merchandise d. Net additional markups were $100,000 and net markdowns were $115.000 e. Based on prior experience, shrinkage due to shoplifting was estimated to be $16,000 of real value 1. Merchandise is sold to employees at a 25% of seling price discount Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of 2021 $270.000 Sales to customers totaled $1700,000 for the year Problem 9-7 (Algo) Part 1 Required: 1. Estimate ending Inventory and cost of goods sold using the conventional real method. Conventional Ret Method Estimated ending invertory total Climated ending into a cont 78 Next > 80 289 FE 86 20 ot 9 FS FO Help Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2021 operations is as follows: a. January 1, 2021, beginning inventory had a cost of $134,000 and a retail value of $160,000. b. Purchases during 2021 cost $1,375,000 with an original retail value of $2,115,000. c. Freight costs were $11,000 for incoming merchandise. d. Net additional markups were $100,000 and net markdowns were $115,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $16,000 of retail value. f. Merchandise is sold to employees at a 25% of selling price discount. Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of 2021 is $270,000 g. Sales to customers totaled $1,700,000 for the year. Problem 9-7 (Algo) Part 1 Required: 1. Estimate ending Inventory and cost of goods sold using the conventional retail method. Conventional Retall Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold View History Bookmarks People Tab Window Help M 97 Sun toring Enable so.com/secured lockdown led: Chapter 09 GRADED Problems, 18 Help Seve Required information Problem 9-7 (Algo) Retail inventory method; conventional and LIFO [LO9-3, 9-4) The following information applies to the questions played below) Alquist Company uses the retail method to estimate is ending inventory Selected information about its year 2021 operations is as follows: 6. January 1, 2021, beginning inventory had a cost of $134,000 and a retail Value of $160,000 b. Purchases during 2021 cost $1375.000 with an original retail value of $2,115,000 C. Freight costs were $11,000 for incoming merchandise d. Net additional markups were $100,000 and net markdowns were $115.000 e. Based on prior experience, shrinkage due to shoplifting was estimated to be $16,000 of real value 1. Merchandise is sold to employees at a 25% of seling price discount Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of 2021 $270.000 Sales to customers totaled $1700,000 for the year Problem 9-7 (Algo) Part 1 Required: 1. Estimate ending Inventory and cost of goods sold using the conventional real method. Conventional Ret Method Estimated ending invertory total Climated ending into a cont 78 Next > 80 289 FE 86 20 ot 9 FS FO Help Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2021 operations is as follows: a. January 1, 2021, beginning inventory had a cost of $134,000 and a retail value of $160,000. b. Purchases during 2021 cost $1,375,000 with an original retail value of $2,115,000. c. Freight costs were $11,000 for incoming merchandise. d. Net additional markups were $100,000 and net markdowns were $115,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $16,000 of retail value. f. Merchandise is sold to employees at a 25% of selling price discount. Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of 2021 is $270,000 g. Sales to customers totaled $1,700,000 for the year. Problem 9-7 (Algo) Part 1 Required: 1. Estimate ending Inventory and cost of goods sold using the conventional retail method. Conventional Retall Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold