2. The following information is obtained from Lynbrook's inventory records. Based on your recommendation, Lynbrook uses the dollar-value LIFO retail method. 2021 2023 2022 Retail $ 200,000 $ 420,000 $ 250,000 $ 550,000 $ 240,000 $ 500,000 Cost Cost Retail Cost Retail Purchases Net additional markups 20,000 30,000 10,000 40,000 600,000 Net markdowns 10,000 20,000 Sales 400,000 450,000 Lynbrook adopted LIFO on January 1, 2021, when the cost and retail values of the inventory were $50,000 and $100,000, respectively. The company experienced the following price indexes: January 1, 2021 December 31, 2021 100 December 31, 2022 115 108 December 31, 2023 120 Required: Compute the cost of the ending inventory for 2021 and 2022. (round the cost-to-retail ratio to 3 decimal places) Reminder: Continue using proper excel formulas in your solution.

2. The following information is obtained from Lynbrook's inventory records. Based on your recommendation, Lynbrook uses the dollar-value LIFO retail method. 2021 2023 2022 Retail $ 200,000 $ 420,000 $ 250,000 $ 550,000 $ 240,000 $ 500,000 Cost Cost Retail Cost Retail Purchases Net additional markups 20,000 30,000 10,000 40,000 600,000 Net markdowns 10,000 20,000 Sales 400,000 450,000 Lynbrook adopted LIFO on January 1, 2021, when the cost and retail values of the inventory were $50,000 and $100,000, respectively. The company experienced the following price indexes: January 1, 2021 December 31, 2021 100 December 31, 2022 115 108 December 31, 2023 120 Required: Compute the cost of the ending inventory for 2021 and 2022. (round the cost-to-retail ratio to 3 decimal places) Reminder: Continue using proper excel formulas in your solution.

Name: 2. The following information is obtained from Lynbrook's inventory re
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Description: 2. The following information is obtained from Lynbrook's inventory records. Based on yourrecommendation, Lynbrook uses the dollar-value LIFO retail method.202120222023CostRetailCostRetailCostRetailPurchases$ 200,000 $ 420,000 $ 250,000 $ 550,000 $ 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Knowledge Check Crane Works' uses a periodic inventory system. Its accounting records show the following as of December 31, 2025. Inventory, Dec. 31, 2025 Purchase Returns and Allowances Inventory, Jan. 1, 2025 Cost of goods purchased Cost of goods sold $ $4,050 $ 730 5,550 Compute cost of goods purchased and cost of goods sold. Freight-In Purchases Purchase Discounts $1,800 95,100 1,480 Sused Submit Answer
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Required information Skip to question [The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 78 $ 123 Purchases 669 1,004 Freight-in on purchases 28 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 914 Required:1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
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