On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
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On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost $ 51,800 101,150 3,700 2022 Retail $ 74,000 125,000 $107,532 $131,700 4,200 Cost 18,500 3,700 125,250 3,000 2022 Retail Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 11,400 3,900 118,800 6,720 1.00 1.06 1.10 On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost $ 51,800 101,150 3,700 2022 Retail $ 74,000 125,000 $107,532 $131,700 4,200 Cost 18,500 3,700 125,250 3,000 2022 Retail Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 11,400 3,900 118,800 6,720 1.00 1.06 1.10
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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