On January 1, 20. and retail, and cost indexes for 2021 and 2022 are as follows: Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost 2021 2022 Cost Retail Cost Retail Beginning inventory Purchases $ 90,000 $150,000 478,000 2,500 6,960 730,000 $511,000 $760,000 4,000 Purchase returns 3,500 2,200 Freight-in Net markups Net markdowns 8,000 8,500 10,000 4,000 6,000 Net sales to customers 650,000 680,000 Sales to employees (net of 30% discount) 14,000 17,500 Normal spoilage Price Index: 5,000 6,600 January 1, 2021 1.00 December 31, 2021 1.03 December 31, 2022 1.06
On January 1, 20. and retail, and cost indexes for 2021 and 2022 are as follows: Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost 2021 2022 Cost Retail Cost Retail Beginning inventory Purchases $ 90,000 $150,000 478,000 2,500 6,960 730,000 $511,000 $760,000 4,000 Purchase returns 3,500 2,200 Freight-in Net markups Net markdowns 8,000 8,500 10,000 4,000 6,000 Net sales to customers 650,000 680,000 Sales to employees (net of 30% discount) 14,000 17,500 Normal spoilage Price Index: 5,000 6,600 January 1, 2021 1.00 December 31, 2021 1.03 December 31, 2022 1.06
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....
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