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On January 1, 2018, 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, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows:
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Cost Retail Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: $37,700 58,000 87,120 117,000 $93,886 $123,300 2,900 3,400 14, 500 2,900 115, 790 3,400 9,800 3,100 112,000 5,440 January 1, 2018 December 31, 2018 December 31, 2019 1.00 1.04 1.08 Requlred: Estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other Intermediate calculations. Rund your cost-to-retall percentage calculations to 2 decimal place$ and flnal answers to the nearest whole dollar.) 2018 2019 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold
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