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Beginning inventory. Net purchases Net markups Net markdowns Net sales. Beginning inventory Net purchases Net markups Net markdowns Cost $ 200,000 712,000 Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Retail $ 350,000 879,000 16,000 5,000 849,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales $ Cost 200,000 $ 0 200,000 $ Retail 350,000 0 350,000 350,000 Cost-to-Retail Ratio % %

Beginning inventory. Net purchases Net markups Net markdowns Net sales. Beginning inventory Net purchases Net markups Net markdowns Cost $ 200,000 712,000 Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Retail $ 350,000 879,000 16,000 5,000 849,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales $ Cost 200,000 $ 0 200,000 $ Retail 350,000 0 350,000 350,000 Cost-to-Retail Ratio % %

FINANCIAL ACCOUNTING
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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Dinesh Bhai 

Beginning inventory Net purchases Net markups Net markdowns Net sales Beginning inventory Net purchases Net markups Net markdowns Cost $ 200,000 712,000 Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Retail $ 350,000 879,000 16,000 5,000 849,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales $ Cost 200,000 $ 0 200,000 $ Retail 350,000 0 350,000 350,000 Cost-to-Retail Ratio % %
Transcribed Image Text:Beginning inventory Net purchases Net markups Net markdowns Net sales Beginning inventory Net purchases Net markups Net markdowns Cost $ 200,000 712,000 Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Retail $ 350,000 879,000 16,000 5,000 849,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales $ Cost 200,000 $ 0 200,000 $ Retail 350,000 0 350,000 350,000 Cost-to-Retail Ratio % %
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