Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data

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Almaden Valley Variety Store Uses The Retail Inventory Method To Estimate Ending Inventory And Cost Of Goods Sold Data 1 (36.92 KiB) Viewed 46 times

Almaden Valley Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Net sales Cost Retail $ 26,eee $ 34, Bee 116,600 179, eee 5,275 6,500 8,500 13, Bee 1e, eee 5,600 166, Bee Required: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail method using the information provided. (Round ratlo calculation to 2 decimal places (1.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Retail Cost-to-Retail Ratio S Beginning inventory Purchases 34,000 179,000 28.000 $ 116.600 5,275 (6.500) Freight-in Purchase returns Net markups 13,000 (10,000) Net markdowns Goods available for sale 141.375 Cost-to-retail percentage %6 (5.600) (166.000) Normal spoilage Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold