Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $19,000 and its retail value was $25,000. Information for 2024 and 2025 is as follows: Date 12/31/2024 12/31/2025 Ending Inventory at Retail $ 39,000 $ 51,000 Required 1 Retail Price Index 1.30 1.50 Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2024? 2. Calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO retail method. Cost-to-Retail Percentage 78% 80% Complete this question by entering your answers in the tabs below. Required 2 What is the cost-to-retail percentage for the inventory on hand at 1/1/2024?

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $19,000 and its retail value was $25,000. Information for 2024 and 2025 is as follows: Date 12/31/2024 12/31/2025 Ending Inventory at Retail $ 39,000 $ 51,000 Required 1 Retail Price Index 1.30 1.50 Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2024? 2. Calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO retail method. Cost-to-Retail Percentage 78% 80% Complete this question by entering your answers in the tabs below. Required 2 What is the cost-to-retail percentage for the inventory on hand at 1/1/2024?

Name: Canova Corporation adopted the dollar-value LIFO retail method on Jan
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Description: Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on handwas $19,000 and its retail value was $25,000. Information for 2024 and 2025 is as follows:Date12/31/202412/31/2025Endin

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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Required: 1. Estimate ending inventory for 2022 using the conventional retail method. Required: 2. Estimate ending inventory for 2022 assuming Raleigh Department Store used the LIFO retail method.
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8 points On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Cost $ 41,000 162,240 Retail $82,000 Net markups Net markdowns Net sales Retail price index, end of year 340,000 8,000 10,000 317,000 1.04 During 2025 (the following year), purchases at cost and retail were $195,075 and $433,500, respectively. Net markups, net markdowns, and net sales for the year were $9,000, $10,000, and $350,000, respectively. The retail price Index at the end of 2025 was 1.06. Estimate ending inventory in 2025 using the dollar-value LIFO retall method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollar. Answer is complete but not entirely correct. Ending inventory S 83,784
2. The following information is obtained from Lynbrook's inventory records. Based on your recommendation, Lynbrook uses the dollar-value LIFO retail method. 2021 2022 2023 Cost Retail Cost Retail Cost Retail Purchases $ 200,000 $ 420,000 $ 250,000 $ 550,000 $ 240,000 $ 500,000 Net additional markups Net markdowns 20,000 30,000 10,000 10,000 40,000 20,000 Sales 400,000 600,000 450,000 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.
Answer the following 2 questions: 1- Hani has an inventory at 1/1/2020 of €60,000 and purchases during 2020 of €280,000, both at cost. Sales at selling price amount to €200,000. Compute the estimated inventory at 31/12/2020, assuming that the gross profit is 25% of sales. v a-290000 b-190000 c-230000 d-150000 2- Which of the following is a product cost as it relates to inventory? v a. Selling costs. b. Interest costs. C. Raw materials. d. Abnormal spoilage.
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