i Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retall inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Sales to employees (net of 20% discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cont $ 39,200 92,600 2,800 Saved 2025 Retail $ 56,000 116,000 14,000 2,800 113,355 3,300 Cost 2025 $ 104,166 3,300 Retail $ 128,400 9,600 3,000 117, 120 5,280 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar. H 1.00 1.06 1.10

i Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retall inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Sales to employees (net of 20% discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cont $ 39,200 92,600 2,800 Saved 2025 Retail $ 56,000 116,000 14,000 2,800 113,355 3,300 Cost 2025 $ 104,166 3,300 Retail $ 128,400 9,600 3,000 117, 120 5,280 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar. H 1.00 1.06 1.10

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Description: Please do not give salutations in image format thankuh iBeginning inventoryNet purchasesFreight-inNet markupsNet markdownsNet sales to customersSales to employees (net of 20% discount)Price Index:On January 1, 2024, HGC Camera Store adopted the dolla

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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