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.
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.
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