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Ive tried to calculate the answer and it keeps saying all mine are wrong. Sparrow Company uses the retail inventory method to estimate ending inventory
Ive tried to calculate the answer and it keeps saying all mine are wrong.
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 80,000 347,000 8,000 6,000 Retail $170,000 570,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 10,000 15,000 11,000 2,000 7,000 530,000 9,000 3,705 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,000. Required: 1. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the average cost application (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.) Answer is not complete. Average cost application Estimated ending inventory at retail $ 201.000 Estimated ending inventory at cost Estimated cost of goods sold Step by Step Solution
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