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On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for
On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows:
value: 40.00 points On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows: 2016 201 CostRetail $43,400 $ 62,000 Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index 95,450 119,000 $104,274 $128,100 3,600 15,500 3,100 117.375 3,700 10,200 3,300 115,600 5,760 January 1, 2016 December 31, 2016 December 31,2017 1.00 1.05 1.10 Required: Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Round your cost.to-retail percentage calculations to 2 decimal places.) 2016 2017 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods soldStep by Step Solution
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