Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has accumulated from the accounting records: Merchandise inventory, January 1, 2024 Cost $ 299,390 Retail $470,000 661,388 1,017,000 13,700 Net purchases Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2024 December 31, 2024 Required: Estimate the ending inventory for December 31, 2024. 1.00 1.10 Note: Round "Cost-to-retail percentage" to 2 decimal places. Estimated ending inventory (At Retail) 3,700 633,500 Estimated ending inventory (At Cost)
Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has accumulated from the accounting records: Merchandise inventory, January 1, 2024 Cost $ 299,390 Retail $470,000 661,388 1,017,000 13,700 Net purchases Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2024 December 31, 2024 Required: Estimate the ending inventory for December 31, 2024. 1.00 1.10 Note: Round "Cost-to-retail percentage" to 2 decimal places. Estimated ending inventory (At Retail) 3,700 633,500 Estimated ending inventory (At Cost)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been
accumulated from the accounting records:
Merchandise inventory, January 1, 2024
Cost
$ 299,390
661,388
Net purchases
Net markups
Net markdowns
Net sales
Pertinent retail price indexes:
January 1, 2024
December 31, 2024
Required:
Estimate the ending inventory for December 31, 2024.
1.00
1.10
Note: Round "Cost-to-retail percentage" to 2 decimal places.
Estimated ending inventory (At Retail)
Estimated ending inventory (At Cost)
Retail
$ 470,000
1,017,000
13,700
3,700
633,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5ac367c3-203e-4408-8490-0887413ae7b6%2Ff68358a8-dba5-49ef-b5aa-7c64a42f031d%2Funklxn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been
accumulated from the accounting records:
Merchandise inventory, January 1, 2024
Cost
$ 299,390
661,388
Net purchases
Net markups
Net markdowns
Net sales
Pertinent retail price indexes:
January 1, 2024
December 31, 2024
Required:
Estimate the ending inventory for December 31, 2024.
1.00
1.10
Note: Round "Cost-to-retail percentage" to 2 decimal places.
Estimated ending inventory (At Retail)
Estimated ending inventory (At Cost)
Retail
$ 470,000
1,017,000
13,700
3,700
633,500
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