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On January 1, 2016, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2016: Cost Retail Beginning inventory $72,420 $142,000 Net purchases 107,100 264,000 Net markups 6,000, Net markdowns 15,000, Net sales 229,000. Retail price index, 12/31/16, 1.05. Required: Calculate the estimated ending inventory and cost of goods sold for 2016.

On January 1, 2016, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2016: Cost Retail Beginning inventory $72,420 $142,000 Net purchases 107,100 264,000 Net markups 6,000, Net markdowns 15,000, Net sales 229,000. Retail price index, 12/31/16, 1.05. Required: Calculate the estimated ending inventory and cost of goods sold for 2016.

FINANCIAL ACCOUNTING
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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On January 1, 2016, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2016: Cost Retail Beginning inventory $72,420 $142,000 Net purchases 107,100 264,000 Net markups 6,000, Net markdowns 15,000, Net sales 229,000. Retail price index, 12/31/16, 1.05. Required: Calculate the estimated ending inventory and cost of goods sold for 2016.
Transcribed Image Text:On January 1, 2016, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2016: Cost Retail Beginning inventory $72,420 $142,000 Net purchases 107,100 264,000 Net markups 6,000, Net markdowns 15,000, Net sales 229,000. Retail price index, 12/31/16, 1.05. Required: Calculate the estimated ending inventory and cost of goods sold for 2016.
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