On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost andretail, and cost indexes for 2024 and 2025 are as follows:Beginning inventoryhet purchasesFreight-inet markupsSet markdownsSet sales to customersSales to employees (net of 1% discount)Price IndesJanuary 1, 2024December 31, 2024December 31, 20252024Cost$ 57,000109,1603,800Retail$ 76,000126,00019,0003,800124,4604,5002025Cost$115,1504,300Retail$ 132,40011,6004,000120,4405,85e1.001,071.12 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 finalanswers to the nearest whole dollar.Estimated ending inventory at retalEstimated ending inventory at costEstimated cost of goods soldSSS202492.24097.41572,5452025

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Description: On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost andretail, and cost indexes for 2024 and 2025 are as follows:Beginning inventoryhet purchasesFreight-inet markupsSet mark

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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 het purchases Freight-in Netmarkups set markdowns Set sales to customers Sales to empleynes (net of 10% discount) Price Indes January 1, 2024 December 31, 2024 December 31, 2025 2024 Cost $57,000 109,160 3,800 Retail $ 76,000 126,000 19,000 3,800 124,460 4,500 Cost 2025 $ 115,150 4,300 Retail $ 132,400 11,600 4,000 120,440 5,850 1.00 1.07 1.12

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 het purchases Freight-in Netmarkups set markdowns Set sales to customers Sales to empleynes (net of 10% discount) Price Indes January 1, 2024 December 31, 2024 December 31, 2025 2024 Cost $57,000 109,160 3,800 Retail $ 76,000 126,000 19,000 3,800 124,460 4,500 Cost 2025 $ 115,150 4,300 Retail $ 132,400 11,600 4,000 120,440 5,850 1.00 1.07 1.12

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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