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On January 1, 2016, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2016: Cost Retail Beginning inventory
On January 1, 2016, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2016: |
Cost | Retail | |||||
Beginning inventory | $ | 78,660 | $ | 138,000 | ||
Net purchases | 102,800 | 261,000 | ||||
Net markups | 8,000 | |||||
Net markdowns | 12,000 | |||||
Net sales | 224,000 | |||||
Retail price index, 12/31/16 | 1.20 | |||||
Required: | |||||||||||||
Calculate the estimated ending inventory and cost of goods sold for 2016.
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