Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help 6 6 Required Information Problem 9-6 (Algo) Retail inventory method; average cost and conventional [L09-3, 9-4) [The following information applies to the questions
Please help
6 6 Required Information Problem 9-6 (Algo) Retail inventory method; average cost and conventional [L09-3, 9-4) [The following information applies to the questions displayed below. Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 +2012 are as follows: its 20142:34 Beginning inventory Purchase Treight-in Purchase return Net markupe Not markdown Norma spollage Abnormal apollage Bales Sales returne Coat Rota $ 87,000 $177,000 359.000 577,000 8,700 6.700 10,700 15,706 11,700 2.700 4,240 7,700 337.000 9.700 References The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,700. Problem 9-6 (Algo) Part 2 Required: 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.) wn gEnabled: Chapter 09 GRADED Problems, 18. Sived Help WV 577.000 359,000 8.700 6.700 Parchases Freight-in Purchase returns Set markups Net markdowns Normal spoilage Abnormal spoilage Sales sales returns 10,700 15,700 11,700 2,700 7.700 537,000 9,700 4.240 2 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,700. Problem 9.6 (Algo) Part 2 Required: 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.) Conventional application Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started