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Intermediate Accounting: Reporting And Analysis
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for...
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Required:

 

1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method.

 

 

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.)

 

3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method.

 

 

 

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 addpted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 Cost $156,000 $240,000 510,000 752,000 6,200 6,200 2022 Retail Retail Cost 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 $725,000 $1,123,000 4,000 7,000 3,650 6,600 6,250 4,600 500, 000 21,000 6,200 11,400 7, 800 718,000 21,000 3,000 1.00 1.25 1.58 Problem 9-13 (Algo) Part 1 Reauired: < Prev 2 3 4. of 4 Next >
Transcribed Image Text: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 addpted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 Cost $156,000 $240,000 510,000 752,000 6,200 6,200 2022 Retail Retail Cost 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 $725,000 $1,123,000 4,000 7,000 3,650 6,600 6,250 4,600 500, 000 21,000 6,200 11,400 7, 800 718,000 21,000 3,000 1.00 1.25 1.58 Problem 9-13 (Algo) Part 1 Reauired: < Prev 2 3 4. of 4 Next >
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