On January 1, 2024, HGC Camera Store adopted the dolla retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 10% discount) Price Index: January 1, 2024 December 31, 2024 December 11, 2025. 2024 Cost $ 57,000 109,160 3,000 Retail $ 76,000 126,000 19,000 3,800 124,460 4,500 2025 Cost $ 115,150 4,300 Retail $ 132,400 11,600 4,000 120,440 5,850 1.00 1.07 1.32 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and fina answers to the nearest whole dollar.

On January 1, 2024, HGC Camera Store adopted the dolla retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 10% discount) Price Index: January 1, 2024 December 31, 2024 December 11, 2025. 2024 Cost $ 57,000 109,160 3,000 Retail $ 76,000 126,000 19,000 3,800 124,460 4,500 2025 Cost $ 115,150 4,300 Retail $ 132,400 11,600 4,000 120,440 5,850 1.00 1.07 1.32 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and fina answers to the nearest whole dollar.

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Description: please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) 1On January 1, 2024, HGC Camera Store ado

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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