Question
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018: Cost Retail Beginning inventory
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018:
Cost | Retail | |||
Beginning inventory | $ | 78,300 | $ | 145,000 |
Net purchases | 111,150 | 251,000 | ||
Net markups | 9,000 | |||
Net markdowns | 13,000 | |||
Net sales | 230,000 | |||
Retail price index, 12/31/18 | 1.08 | |||
Required:
Calculate the estimated ending inventory and cost of goods sold for 2018
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
125972266X, 9781259722660
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