Question
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:
20182019CostRetailCostRetailBeginning inventory$44,200$68,000Net purchases91,520122,000$108,360$142,800Freight-in3,4003,900Net markups17,00010,800Net markdowns3,4003,600Net sales to customers122,160130,440Sales to employees (net of 10% discount)2,7007,020Price Index:January 1, 20181.00December 31, 20181.06December 31, 20191.10
Required:
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. Round your cost-to-retail percentage calculations to 2 decimal places and final answers to
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