Required:1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method.(Calculate the estimated ending inventory at retail, estimated ending inventory at cost, and estimated cost of goods sold)2. Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. (Calculate the estimated ending inventory at retail, estimated ending inventory at cost, and estimated cost of goods sold)3. Estimate the 2024 ending inventory and cost of goods sold using the conventional retail method. (Calculate the estimated ending inventory at retail, estimated ending inventory at cost, and estimated cost of goods sold) do not give answer in image format Required informationProblem 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 andretail, 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, 20252024Cost$ 124,800493,0003,4005,4001.001.251.25Retail$ 195,000692,0006,0005,8004,300540,00016,1003,500Cost$ 635,0003,1005,0002025Retail$ 1,063,0004,2009,6006,900700,00016,1004,000

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Description: Required:1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method.(Calculate the estimated ending inventory at retail, estimated ending inventory at cost, and estimated cost of goods sold)2. Esti

Inventory Valuation is a process which is followed by the companies to find out the value of unsold…

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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 5MC: The moving average inventory cost flow assumption is applicable to which of the following inventory...

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1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method.(Calculate the estimated ending inventory at retail, estimated ending inventory at cost, and estimated cost of goods sold)

2. Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. (Calculate the estimated ending inventory at retail, estimated ending inventory at cost, and estimated cost of goods sold)

3. Estimate the 2024 ending inventory and cost of goods sold using the conventional retail method. (Calculate the estimated ending inventory at retail, estimated ending inventory at cost, and estimated cost of goods sold)

do not give answer in image format

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, 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
$ 124,800
493,000
3,400
5,400
1.00
1.25
1.25
Retail
$ 195,000
692,000
6,000
5,800
4,300
540,000
16,100
3,500
Cost
$ 635,000
3,100
5,000
2025
Retail
$ 1,063,000
4,200
9,600
6,900
700,000
16,100
4,000

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