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 22,800 $ 24,606 65,760 83,400 Retail 30,000 33,600 96,000 83,400 46,200 Retail Price Index 1.00 1.05 1.10 Cost-to-Retail Percentage 76.00 86.00 % %

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 22,800 $ 24,606 65,760 83,400 Retail 30,000 33,600 96,000 83,400 46,200 Retail Price Index 1.00 1.05 1.10 Cost-to-Retail Percentage 76.00 86.00 % %

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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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 % %
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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Exercise 9-15 (Algo) Retail inventory method; LIFO (LO9-3] Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the three months ending March 31, 2021: Cost Retail Beginning inventory Net purchases Net markups $220,000 697,000 $361,000 830,000 27,000 7,000 825,000 Net markdowns Net sales Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the threefmonths ending March 31, 2021, using the information provided. Assume stable retail prices during the period. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) X Answer is not complete. Cost-to- Retail Ratio Cost Retail Beginning inventory 220,000 2$ 361,000 Net purchases 697,000 O 830,000 Net markups 27,000 Net…
Ibri Company decided in in 31-12-2020 to change from FIFO to Weighted average inventory pricing. The income before taxes, using new weighted cost average method in 2020 is RO 50,000. When FIFO for the year 2019 is OMR 40,000 and in 2018 it is OMR 30,000. For the year 2019 the WACM is OMR 40,000 and 2018 OMR 30,000. Calculate Income tax when rate is 50% O a. OMR 40,000 O b. None of the options is correct O . OMR 30,000 O d. OMR 20,000
Hsieh Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiplepools). The following data are available for inventory pool A for the 2 years following adoption of LIFO:At Base- At CurrentInventory Year Cost Year Cost1/1/2020 $334,000 $334,00012/31/2020 361,000 375,44012/31/2021 412,000 449,080
Godo
On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2024 Cost $ 72,420 107, 100 Ending inventory at retail Ending inventory at cost Cost of goods sold Retail $ 142,000 264,000 6,000 15,000 229,000 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations.
What amount should be deducted as cost of good sold?