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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Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz
4th edition
978-0133428469, 013342846X, 133428370, 978-0133428377
