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On January 1,2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both...

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Accounting

On January 1,2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows:
20242025
Cost Retail Cost Retail
Beginning inventory $ 121,600 $ 190,000
Purchases 520,000708,000 $ 630,000 $ 1,056,000
Purchase returns 2,5005,0003,0003,600
Freight-in 4,2006,000
Net markups 6,3009,400
Net markdowns 4,3006,800
Net sales to customers 570,000698,000
Sales to employees (net of 25% discount)16,50016,500
Normal spoilage 1,5005,700
Price Index:
January 1,20241.00
December 31,20241.20
December 31,20251.60
Problem 9-13(Algo) Part 1
Required:
1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method.
Note: Round your cost-to-retail percentage calculation to 2 decimal places (i.e.,0.1234 should be 12.34%) and final answers to the nearest whole dollar.
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