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Ending inventory at retail Ending inventory at cost Cost of goods sold

Ending inventory at retail Ending inventory at cost Cost of goods sold

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 23CE: Inventory Costing: LIFO Refer to the information for Filimonov Inc. and assume that the company uses...
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On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024:

  Cost Retail
Beginning inventory $ 74,360 $ 143,000
Net purchases 117,900 272,000
Net markups   7,000
Net markdowns   17,000
Net sales   249,000
Retail price index, 12/31/2024   1.04

Required:

Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided.

Note: Do not round intermediate calculations.

 

Ending inventory at retail Ending inventory at cost Cost of goods sold
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