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 | $ 71,280 | $ 132,000 |
| Net purchases | 112,500 | 255,000 |
| Net markups | 6,000 | |
| Net markdowns | 11,000 | |
| Net sales | 232,000 | |
| 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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Management Accounting Text Problems And Cases
Authors: M Y Khan, P K Jain
6th Edition
125902668X, 978-1259026683
