Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 13 83 with certain data intentionally omitted: Required: Determine the missing data. (Round "Cost-to-Retail Percentage to the nearest whole percent (i.e., 0.1234 should be entered as 12%).) Date Inventory, 1/1/2021 Inventory, 12/31/2021 2022 net purchases 2022 net sales Inventory, 12/31/2022 $ Cost Inventory 30,000 $ 39,020 73,170 Retail 40,000 55,000 108,400 97,400 Retail Price Index 1.00 1.10 1.20 Cost-to-Retail Percentage % %

Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 13 83 with certain data intentionally omitted: Required: Determine the missing data. (Round "Cost-to-Retail Percentage to the nearest whole percent (i.e., 0.1234 should be entered as 12%).) Date Inventory, 1/1/2021 Inventory, 12/31/2021 2022 net purchases 2022 net sales Inventory, 12/31/2022 $ Cost Inventory 30,000 $ 39,020 73,170 Retail 40,000 55,000 108,400 97,400 Retail Price Index 1.00 1.10 1.20 Cost-to-Retail Percentage % %

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 8MC: At December 31, 2019, the following information was available from Crisford Companys books: Sales...

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Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows. with certain data intentionally omitted: Required: Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12%).) Inventory Retail Cost to Retail Date Cost Retail Price Index Percentage Inventory, 1/12021 Inventory, 12/31/2021 2022 net purchases 22.800 S 30.000 1.00 32.000 46.000 1.15 67,620 98.000 85,500 ces 2022 net sales inventory 12/31/2022 1.30
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Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 and 2025 is as follows. with certain data intentionally omitted: Required: Determine the missing data. Note: Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12.34%). Date Inventory 1/1/2024 Inventory, 12/31/2024 2025 net purchases 2025 net sales Inventory, 12/31/2025 $ Cost Inventory 21,000 $ 22,792 60,000 Retail 28,000 33,600 88,400 80,000 Retail Price Index 1.00 1.12 120 Cost-to-Retail Percentage % %
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On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2021 Cost Retail $ 71,280 $ 132,000 112,500 255,000 6,000 11,000 232,000 1.04 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Ending inventory at retail Ending inventory at cost Cost of goods sold
Provide the entry for a each given transaction.
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: 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, 12/31/2021 1.04 Required:Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.)According to my HW the answer is NOT 76,877 for the Ending Inventory at Cost which is what I keep calculating. Ending inventory at retail $150,000 x 1.04 = 144230.7692144230.7692-132,000 = 12,230.76923132,000 x 1 x .54 = 71,28012230.76923 x 1.04 x .44 = 5,596.7971495,596.797149 + 71280 = 76,876.79715 = 76,877
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On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Cost RetailBeginning inventory $ 71,280 $ 132,000Net purchases 112,500 255,000Net markups 6,000Net markdowns 11,000Net sales 232,000Retail price index, 12/31/2021 1.04 Required:Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided.
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Cost Retail Beginning inventory $ 78,880 $ 136,000 Net purchases 119,040 256,000 Net markups 6,000 Net markdowns 14,000 Net sales 230,000 Retail price index, 12/31/2021 1.10 Required:Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Answer is not complete. Ending inventory at retail $159,000selected answer incorrect Ending inventory at cost not attempted Cost of goods sold
Bosco Company adopted the dollar value LIFO retail method at the beginning of 2024. Information for 2024 and 2025 is as follows, with certain data intentionally omitted: Required: Determine the missing data. Note: Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e. 0.1234 should be entered as 12.34%). I Answer is complete but not entirely correct. Inventory Date Retail Price Cost Retail Index Cost-to-Retail Percentage Inventory, 1/1/2024 $ 19,500 $ 26,000 1.00 75.00 % Inventory, 12/31/2024 27,564 39,200 1.12 80.00 % 2025 net purchases 66,150 98,000 2025 net sales 84,400) Inventory, 12/31/2025 34,368 x 52,800 1.20