Exercise 9-19 (Static) Dollar-value LIFO retall [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 $ 71,280 Retail $ 132,000 112,500 255,000 6,000 11,000 232,000 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 $ 150,000 Ending inventory at cost Cost of goods sold $ 106,776
Exercise 9-19 (Static) Dollar-value LIFO retall [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 $ 71,280 Retail $ 132,000 112,500 255,000 6,000 11,000 232,000 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 $ 150,000 Ending inventory at cost Cost of goods sold $ 106,776
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 15P: (Appendix 8.1) Inventory Write-Down The following are the inventories for the years 2019, 2020, and...
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![Exercise 9-19 (Static) Dollar-value LIFO retall [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
$ 71,280
Retail
$ 132,000
112,500
255,000
6,000
11,000
232,000
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
$
150,000
Ending inventory at cost
Cost of goods sold
$
106,776](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe3048d6a-b29d-48ef-b780-dce6d2ed67ff%2F22799b32-4ce3-40c1-a217-8d8b8699b9d8%2Fbvskpxh_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 9-19 (Static) Dollar-value LIFO retall [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
$ 71,280
Retail
$ 132,000
112,500
255,000
6,000
11,000
232,000
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
$
150,000
Ending inventory at cost
Cost of goods sold
$
106,776
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