Business, 17.12.2019 05:31 quarrella

On january 1, 2018, pet friendly stores adopted the retail inventory method. inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019cost retail cost retailbeginning inventory $ 90,000 $ 150,000purchases 478,000 730,000 $ 511,000 $ 760,000purchase returns 2,500 3,500 2,200 4,000freight-in 6,960 8,000net markups 8,500 10,000net markdowns 4,000 6,000net sales to customers 650,000 680,000sales to employees (net of 30% discount) 14,000 17,500normal spoilage 5,000 6,600price index: january 1, 2018 1.00december 31, 2018 1.03december 31, 2019 1.06required:
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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On january 1, 2018, pet friendly stores adopted the retail inventory method. inventory transactions...

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