ompany adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 a ain data intentionally omitted: d: ne the missing data. und "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12 , 1/1/2024 , 12/31/2024 purchases sales , 12/31/2025 $ Cost Inventory 21,300 $ 26,466 60,950 Retail 30,000 37,800 92,000 69,800 Retail Price Index 1.00 1.05 1.50 Cost-to-Retail Percentage % %

ompany adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 a ain data intentionally omitted: d: ne the missing data. und "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12 , 1/1/2024 , 12/31/2024 purchases sales , 12/31/2025 $ Cost Inventory 21,300 $ 26,466 60,950 Retail 30,000 37,800 92,000 69,800 Retail Price Index 1.00 1.05 1.50 Cost-to-Retail Percentage % %

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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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 $ 84,560 127,000 Ending inventory at retail Ending inventory at cost Cost of goods sold Retail $ 151,000 260,000 9,000 15,000 237,000 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.
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Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 3 X Answer is complete but not entirely correct. Conventional Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2021 950,400 X 725,191 X 725,191 x Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 Required: 3. Estimate the 2021 ending inventory and…
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