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 | $ 80,620 | $ 139,000 |
| Net purchases | 125,000 | 254,000 |
| Net markups | 9,000 | |
| Net markdowns | 13,000 | |
| Net sales | 221,000 | |
| Retail price index, 12/31/2024 | 1.05 |
Required:
Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided.
Note: Do not round intermediate calculations.
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 | $ 80,620 | $ 139,000 |
| Net purchases | 125,000 | 254,000 |
| Net markups | 9,000 | |
| Net markdowns | 13,000 | |
| Net sales | 221,000 | |
| Retail price index, 12/31/2024 | 1.05 |
Required:
Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided.
Note: Do not round intermediate calculations.
Ending Inventory at retail $389,000
Ending Inventory at cost $370,476
Cost of goods sold $121,144
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1st Edition
9783639300338, 978-3639300338
