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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Manji
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Subject: acounting
Meman
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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 12 May 1 May 10 20 14 31 2,000 units at $27 1,000 units at $29 900 units at $31 1,400 units 1,200 units. 600 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
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Hansaben
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