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Required information Problem 9-13 (Algo) Retail inventory method; various applications (L09-3, 9-4.9-5) The following information applies to the questions displayed below.] On January 1, 2021,
Required information Problem 9-13 (Algo) Retail inventory method; various applications (L09-3, 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: 2022 Cost Retail $600,000 $950,000 2,400 5,750 2021 Cost Retail $ 96,000 $160,000 520,000 893,000 2,700 3,000 4,000 6,000 4,000 670,000 12,000 3,000 Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 8,000 8,200 6,200 680,000 12,000 4,000 1.00 1.25 1.25 ances Problem 9-13 (Algo) Part 1 Required: 1. Estimate the 2021 and 2022 ending Inventory and cost of goods sold using the dollar value UFO retail method 2021 2022 Estimated ending inventory at real Estimated ending inventory atos Ested cost of goods sold
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