Required information 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, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 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, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost $111,600 Retail Cost Retail $180,000 488, 000 3, 100 685,000 4,000 $ 640,000 $808,000 2,800 6, 400 6,500 6,000 5,650 9,000 4. 150 1.00 1.20 1.25 525,000 14,000 1,600 6,600 645,000 14,000 2,300 Problem 9-13 (Algo) Part 2 Required: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.) > Answer is complete but not entirely correct. Average Cost Retail Method Estimated ending inventory at retail $ 325,900 Estimated ending inventory at cost $ 261,850 X Estimated cost of goods sold $ 341,150 X Required information 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, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 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, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $111,600 $180,000 488,000 685,000 $640,000 $808,000 3,100 6,500 4.000 2,800 6, 400 6,000 5,650 9,000 4,150 525,000 14,000 1,600 6,600 645,000 14,000 2,300 1.00 1.20 1.25 Problem 9-13 (Algo) Part 3 Required: 3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.) Answer is complete but not entirely correct. Conventional Retail Method Estimated ending inventory at retail $ 321,900 X Estimated ending inventory at cost Estimated cost of goods sold $ 222,433 $ 69 380,567 X