Subject: acounting On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions atboth cost and retail, and cost indexes for 2024 and 2025 are as follows:Beginning inventoryPurchasesPurchase returnsFreight-inNet markupsNet markdownsNet sales to customersSales to employees (net of 30% discount)Normal spoilagePrice Index:January 1, 2024December 31, 2024December 31, 2025Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold2024Average Cost RetailMethodRetailCost$147,000 $ 210,000.498,000678,0004,5004,5006,0001.001.121.25www5,9504,450458,00017,5005,800***.Cost$ 650,0003,4005,0002025Required: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.Retail$ 904,0002,00010, 2007,200706,00017,5006,100

Name: Subject: acounting On January 1, 2024, Pet Friendly Stores adopted the
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Description: Subject: acounting On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions atboth cost and retail, and cost indexes for 2024 and 2025 are as follows:Beginning inventoryPurchasesPurchase returnsFreight-inNet

Ending inventory means the amount of goods available for sale at the end of the accounting period.…

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Accounting

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 December 31, 2024 December 31, 2025 2024 Cost $ 147,000 498,000 4,500 6,000 1.00 1.12 1.25 Retail $ 210,000 Cost 678,000 $ 650,000 4,500 5,950 4,450 458,000 17,500 5,800 3,400 5,000 2025 Required: 2. Estimate the 2024 ending inventory and cost of goods sold using the average cost retal method. Retail $ 904,000 2,000 10,200 7,200 706,000 17,500 6,100

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 December 31, 2024 December 31, 2025 2024 Cost $ 147,000 498,000 4,500 6,000 1.00 1.12 1.25 Retail $ 210,000 Cost 678,000 $ 650,000 4,500 5,950 4,450 458,000 17,500 5,800 3,400 5,000 2025 Required: 2. Estimate the 2024 ending inventory and cost of goods sold using the average cost retal method. Retail $ 904,000 2,000 10,200 7,200 706,000 17,500 6,100

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 9PA: On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as...

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