Firm C uses a periodic inventory system and the retail inventory method to estimate ending inventory...
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Firm C uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. Assume a retail price index of 1.1 for 2021. The following data are available for calendar year end 2021: Cost Retail Beginning inventory 35,750 65,000 Net purchases 25,850 47,000 Net markups 8,000 Net markdowns 6,000 Net sales 25,000 a. Complete the table below for December 2021 assuming the following methods: Estimated COGS Average Cost Average Cost- Conventional LIFO LIFO - Dollar -Value Estimated Ending Inventory b. Assume ending inventory (retail) equals $100,000 in December 2022 with a retail price index of 1.16 and a cost-to-retail percentage of 53% for inventory purchased in 2022. Complete the table below for December 2022 assuming the following methods: LIFO LIFO - Dollar- Value 2022 Estimated Ending Inventory c. Assume ending inventory (retail) equals $76,000 in December 2022 with a retail price index of 1.16 and a cost-to-retail percentage of 53% for inventory purchased in 2022. Complete the table below for December 2022 assuming the following methods: 2022 Estimated Ending Inventory LIFO LIFO - Dollar- Value Firm C uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. Assume a retail price index of 1.1 for 2021. The following data are available for calendar year end 2021: Cost Retail Beginning inventory 35,750 65,000 Net purchases 25,850 47,000 Net markups 8,000 Net markdowns 6,000 Net sales 25,000 a. Complete the table below for December 2021 assuming the following methods: Estimated COGS Average Cost Average Cost- Conventional LIFO LIFO - Dollar -Value Estimated Ending Inventory b. Assume ending inventory (retail) equals $100,000 in December 2022 with a retail price index of 1.16 and a cost-to-retail percentage of 53% for inventory purchased in 2022. Complete the table below for December 2022 assuming the following methods: LIFO LIFO - Dollar- Value 2022 Estimated Ending Inventory c. Assume ending inventory (retail) equals $76,000 in December 2022 with a retail price index of 1.16 and a cost-to-retail percentage of 53% for inventory purchased in 2022. Complete the table below for December 2022 assuming the following methods: 2022 Estimated Ending Inventory LIFO LIFO - Dollar- Value
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