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On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and 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 20% discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 50,400 100, 200 3,600 Retail $ 72,000 124,000 2025 18,000 3,600 125,655 2,900 2025 Cost $ 106,205 4,100 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 final answers to the nearest whole dollar. Retail $ 130,100 11,200 3,800 117,540 6,560 1.00 1.04 1.08

On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and 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 20% discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 50,400 100, 200 3,600 Retail $ 72,000 124,000 2025 18,000 3,600 125,655 2,900 2025 Cost $ 106,205 4,100 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 final answers to the nearest whole dollar. Retail $ 130,100 11,200 3,800 117,540 6,560 1.00 1.04 1.08

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, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns I Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 50,400 100, 200 3,600 Retail $ 72,000 124,000 2025 18,000 3,600 125,655 2,900 Cost 2025 $ 106,205 4,100 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 final answers to the nearest whole dollar. Retail $ 130, 100 11, 200 3,800 117,540 6,560 1.00 1.04 1.08
Transcribed Image Text:On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns I Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 50,400 100, 200 3,600 Retail $ 72,000 124,000 2025 18,000 3,600 125,655 2,900 Cost 2025 $ 106,205 4,100 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 final answers to the nearest whole dollar. Retail $ 130, 100 11, 200 3,800 117,540 6,560 1.00 1.04 1.08
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