Problem 9-13 (Algo) Retail inventory method; various
applications [LO9-3, 9-4, 9-5]
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[The following information applies to the questions
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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:
- One Question 3 Parts Problem 9 13 Algo Retail Inventory Method Various Applications Lo9 3 9 4 9 5 Skip To Questio 1 (20.45 KiB) Viewed 61 times
Required: 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
Required: 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