On January 1 20201 The Brunswick Hat Company adopted the dollar value LIFO retail method. The following data are avaliable for 2021 Cost 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 Calculate: Ending Inventory at retail Ending Inventory at cost Cost of Goods Sold
On January 1 20201 The Brunswick Hat Company adopted the dollar value LIFO retail method. The following data are avaliable for 2021 Cost 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 Calculate: Ending Inventory at retail Ending Inventory at cost Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1 20201 The Brunswick Hat Company adopted the dollar value LIFO retail method. The following data are avaliable for 2021
| Cost | ||||
| 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 |
Calculate:
Ending Inventory at retail
Ending Inventory at cost
Cost of Goods Sold
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