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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- At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018: 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, 12/31/18 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2018. Please don't provide answer in image format thank youOn 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 $ 72,420 107, 100 Ending inventory at retail Ending inventory at cost Cost of goods sold Retail $ 142,000 264,000 6,000 15,000 229,000 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.
- On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Cost RetailBeginning inventory $ 71,280 $ 132,000Net purchases 112,500 255,000Net markups 6,000Net markdowns 11,000Net sales 232,000Retail price index, 12/31/2021 1.04 Required:Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided.What should Cake report as cost of goods sold for 2022? * Cake Company sells one product which it purchases from various suppliers. The trial balance on December 31, 2022 included the following accounts: Sales (100,000 units at P150) Sales discount Purchase Purchase discount The inventory purchases during 2022 were as follows: Beginning inventory, January 1 Purchases, quarter ended March 31 Purchases, quarter ended June 30 Purchases, quarter ended Sept. 30 Purchases, quarter ended Dec. 31 Units 20,000 30,000 40,000 50,000 10,000 150,000 Unit cost 60 65 70 75 15,000,000 1,000,000 9,300,000 400,000 80 Total cost 1,200,000 1,950,000 2,800,000 3,750,000 800,000 10,500,000 Cake's accounting policy is to report inventory in its financial statements at the lower of cost or net realizable value. Cost is determined under the first-out method. Cake has determined that, on December 31, 2022, the replacement cost of its inventory was P70 per unit and the net realizable value was P72 per unit. The…Assume the following data for Burnette Merchandising for 2023: View the data. On December 31, a physical count reveals 15 units in ending inventory. Assume a perpetual inventory system and all sales occurred prior to October 30th. Under the FIFO method, cost of goods sold on the income statement would be: OA. $375. OB. $537. OC. $162. D. $420. Data Beginning inventory March 18 purchase June 10 purchase October 30 purchase Print 10 units at $7 each 15 units at $9 each 20 units at $10 each 12 units at $11 each Done - X
- 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 $ 72,900 $ 135,000 Net purchases 102,150 232,000 Net markups 5,000 Net markdowns 10,000 Net sales 200,000 Retail price index, 12/31/2024 1.08 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Ending inventory at retail:_________ Ending inventory at cost:__________ Cost of goods sold:_______________Flint Department Store wishes to use the retail LIFO method of valuing inventories for 2018. The appropriate data are as follows: At Cost At Retail December 31, 2017 inventory (base layer) $1,250,000 $2,100,000 Purchases (net of returns, allowances, markups, and markdowns) 2,100,000 3,500,000 Sales revenue 3,185,000 Price index for 2018 105 Instructions Complete the following schedule (fill in all blanks and show calculations in the parentheses): Computation of Retail Inventory for 2018 Cost Retail Ratio Inventory,…On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Cost Retail Beginning inventory $ 71,280 $ 132,000 Net purchases 112,500 255,000 Net markups 6,000 Net markdowns 11,000 Net sales 232,000 Retail price index, 12/31/2021 1.04 Required:Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.)According to my HW the answer is NOT 76,877 for the Ending Inventory at Cost which is what I keep calculating. Ending inventory at retail $150,000 x 1.04 = 144230.7692144230.7692-132,000 = 12,230.76923132,000 x 1 x .54 = 71,28012230.76923 x 1.04 x .44 = 5,596.7971495,596.797149 + 71280 = 76,876.79715 = 76,877
- On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Cost Retail Beginning inventory $ 78,880 $ 136,000 Net purchases 119,040 256,000 Net markups 6,000 Net markdowns 14,000 Net sales 230,000 Retail price index, 12/31/2021 1.10 Required:Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Answer is not complete. Ending inventory at retail $159,000selected answer incorrect Ending inventory at cost not attempted Cost of goods soldThe following is selected information from Mars Corp. Inventory, February 28, 2018 $455,000 Inventory, March 31, 2018 331,000 Purchase Discounts 12,450 Purchase Returns and Allowances 23,840 Sales 277,300 Sales Discounts 34,660 Gross Purchases 128,200 Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used. What is the net purchases? What is the costs of goods sold?Suppose a divison of Florida Instruments Incorporated that sells computer microchips has these inventory records for January 2018: Date Item Quantity Unit Cost Total Cost Jan 1 Beginning Inventory 140 units $ 8 $ 1,120 6 Purchase 50 units 14 700 21 Purchase 200 units 16 3,200 27 Purchase 70 units 17 1,190 Prepare the company's January, multistep income statement. Calculate income using the LIFO, average-cost, and FIFO methods. Label the bottom line "Operating income." Round the average cost per unit to three decimal places and all other figures to whole-dollar amounts. Show your computations. 2. Suppose you are the financial vice president of Florida Instruments. Which inventory method will you use if your motive is to a. minimize income taxes? b.…