Question
On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Cost Retail Beginning inventory
On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024:
| Cost | Retail | |
|---|---|---|
| Beginning inventory | $ 74,360 | $ 143,000 |
| Net purchases | 117,900 | 272,000 |
| Net markups | 7,000 | |
| Net markdowns | 17,000 | |
| Net sales | 249,000 | |
| Retail price index, 12/31/2024 | 1.04 |
Required:
Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided.
Note: Do not round intermediate calculations.
|
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1st Edition
1032402210, 978-1032402215
