Exercise 9-19 (Algo) Dollar-value LIFO retail [LO9-5] 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 $22,420 107,100 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Answer is complete but not entirely correct. 25 000 25,000 25,000 Ending inventory at retail Ending inventory at cest Cost of goods sold 15 S S Retail $ 142,000 264,000 6,000 15,000 229,000 1.05 000
Exercise 9-19 (Algo) Dollar-value LIFO retail [LO9-5] 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 $22,420 107,100 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Answer is complete but not entirely correct. 25 000 25,000 25,000 Ending inventory at retail Ending inventory at cest Cost of goods sold 15 S S Retail $ 142,000 264,000 6,000 15,000 229,000 1.05 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Do not give answer in image
![**Exercise 9-19 (Algo) Dollar-value LIFO retail [LO9-5]**
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 | $72,420 | $142,000 |
| Net purchases | 217,100 | 266,000 |
| Net markups | | 18,000 |
| Net markdowns | | (10,000) |
| Net sales | | (315,000) |
| Retail price index, 12/31/2024 | | 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.*
---
**Answer is complete but not entirely correct.**
- Ending inventory at retail: $25,000
- Ending inventory at cost: $25,000
- Cost of goods sold: $25,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff4f4865a-ef7d-48b6-9e5b-0e85084b2d7c%2Fac8270aa-b009-4fad-9999-1a32753989e5%2F2q7kms_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Exercise 9-19 (Algo) Dollar-value LIFO retail [LO9-5]**
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 | $72,420 | $142,000 |
| Net purchases | 217,100 | 266,000 |
| Net markups | | 18,000 |
| Net markdowns | | (10,000) |
| Net sales | | (315,000) |
| Retail price index, 12/31/2024 | | 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.*
---
**Answer is complete but not entirely correct.**
- Ending inventory at retail: $25,000
- Ending inventory at cost: $25,000
- Cost of goods sold: $25,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education