Question: Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2024,

Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] 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 2024 2025 Cost Retail Cost Retail $ 150,500 $ 215,000 640,000 852,000 $ 735,000 2,700 6,800 5,650 3,500 $ 923,000 5,475 5,000 5,600 10,400 4,450 7,300 560,000 708,000 20,000 3,100 20,000 2,000 1.00 1.25 1.25 Problem 9-13 (Algo) Part 1 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. 2024 2025 Estimated ending inventory at retail 474,400 $ 660,025 Estimated ending inventory at cost $ 354,756 $ 354,756 Estimated cost of goods sold $ (579,600) $ 215,000

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