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This is all the information I was given. On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost
This is all the information I was given.
On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retall, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Cost Retail 96,000 $160,000 520,000 2,700 4,000 Beginning inventory Purchases $600,000 $950,000 2,400 8,000 803,000 3,000 Purchase returns 5,750 Freight-in Net markups 8,200 6,200 680,000 12,000 4,000 6,000 4,000 670,000 12,000 3,000 Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2018 December 31, 2018 December 31, 2019 1.00 1.25 1.25 Required: 1. Estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value LIFO retail method. 2. Estimate the 2018 ending inventory and cost of goods sold using the average cost retail method. 3. Estimate the 2018 ending inventory and cost of goods sold using the conventional retail method. On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retall, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Cost Retail 96,000 $160,000 520,000 2,700 4,000 Beginning inventory Purchases $600,000 $950,000 2,400 8,000 803,000 3,000 Purchase returns 5,750 Freight-in Net markups 8,200 6,200 680,000 12,000 4,000 6,000 4,000 670,000 12,000 3,000 Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2018 December 31, 2018 December 31, 2019 1.00 1.25 1.25 Required: 1. Estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value LIFO retail method. 2. Estimate the 2018 ending inventory and cost of goods sold using the average cost retail method. 3. Estimate the 2018 ending inventory and cost of goods sold using the conventional retail method
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