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 adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows:

	2021							2022
	Cost			Retail				Cost			Retail
Beginning inventory	$	111,600		$	180,000
Purchases		488,000			685,000			$	640,000		$	808,000
Purchase returns		3,100			4,000				2,800			6,400
Freight-in		6,500							6,000
Net markups					5,650							9,000
Net markdowns					4,150							6,600
Net sales to customers					525,000							645,000
Sales to employees (net of 30% discount)					14,000							14,000
Normal spoilage					1,600							2,300
Price Index:
January 1, 2021		1.00
December 31, 2021		1.20
December 31, 2022		1.25

Problem 9-13 (Algo) Part 1

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

	2021	2022
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold

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.)

	Average Cost Retail Method
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold

3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.)

	Conventional Retail Method
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold