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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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