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On January 1 , 2 0 2 4 , Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and

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:
20242025
Cost Retail Cost Retail
Beginning inventory $ 121,600 $ 190,000
Purchases 520,000708,000 $ 630,000 $ 1,056,000
Purchase returns 2,5005,0003,0003,600
Freight-in 4,2006,000
Net markups 6,3009,400
Net markdowns 4,3006,800
Net sales to customers 570,000698,000
Sales to employees (net of 25% discount)16,50016,500
Normal spoilage 1,5005,700
Price Index:
January 1,20241.00
December 31,20241.20
December 31,20251.60
Problem 9-13(Algo) Part 1
Required:
1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method.
Note: Round your cost-to-retail percentage calculation to 2 decimal places (i.e.,0.1234 should be 12.34%) and final answers to the nearest whole dollar.
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