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Exercise 9-19 (Algo) Dollar-value LIFO retail [LO9-5] On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are
Exercise 9-19 (Algo) Dollar-value LIFO retail [LO9-5]
On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024:
Cost | Retail | |
---|---|---|
Beginning inventory | $ 81,400 | $ 148,000 |
Net purchases | 101,200 | 261,000 |
Net markups | 6,000 | |
Net markdowns | 14,000 | |
Net sales | 233,000 | |
Retail price index, 12/31/2024 | 1.05 |
Required:
Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided.
Note: Do not round intermediate calculations.
Ending inventory at retail
Ending inventory at cost
Cost of goods sold
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