Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the...

 

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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 0001) Cost $77 682 33 1 Retail $ 140 1,026 2 4 8 919 Required: Assuming the price level increased from 1.00 at January 1 to 1.25 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $21,000 and its retail value was $30,000. Information for 2024 and 2025 is as follows: Date 12/31/2024 12/31/2025 Ending Inventory at Retail $ 49,000 $ 60,000 Retail Price Index 1.40 1.60 Cost-to-Retail Percentage 74% 76% Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2024? 2. Calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO retail method. Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 0001) Cost $77 682 33 1 Retail $ 140 1,026 2 4 8 919 Required: Assuming the price level increased from 1.00 at January 1 to 1.25 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $21,000 and its retail value was $30,000. Information for 2024 and 2025 is as follows: Date 12/31/2024 12/31/2025 Ending Inventory at Retail $ 49,000 $ 60,000 Retail Price Index 1.40 1.60 Cost-to-Retail Percentage 74% 76% Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2024? 2. Calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO retail method.

Answer rating: 100% (QA)

21 Cost to retail percentage 1600020000 80 2 2024 Ending inventory ... View the full answer