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On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns. Net sales. Retail price index, 12/31/2021 Cost Retail $ 71,280 $132,000 112,500 255,000 6,000 11,000 232,000 1.04 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Ending inventory at retail Ending inventory at cost Cost of goods sold

On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns. Net sales. Retail price index, 12/31/2021 Cost Retail $ 71,280 $132,000 112,500 255,000 6,000 11,000 232,000 1.04 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Ending inventory at retail Ending inventory at cost Cost of goods sold

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, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2021 Cost Retail $ 71,280 $132,000 112,500 255,000 6,000 11,000 232,000 1.04 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Ending inventory at retail Ending inventory at cost Cost of goods sold
Transcribed Image Text:On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2021 Cost Retail $ 71,280 $132,000 112,500 255,000 6,000 11,000 232,000 1.04 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Ending inventory at retail Ending inventory at cost Cost of goods sold
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