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 Net markups Net werkdowns bet sales to customers Sales to employees (wt of 10% discount) Price Inder January 1, 2024 December 31, 2834 December 31, 2025 2024 Cost $ 57,000 109,160 3,000 Retail $ 76,000 126,000 19,000 3,000 124,460 4,500 2025 Cost $ 115,150 4,300 Metall $ 132,400 11,600 4,000 120,440 5,85e 1.00 1.07 1.12 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 final answers to the nearest whole dollar
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 Net markups Net werkdowns bet sales to customers Sales to employees (wt of 10% discount) Price Inder January 1, 2024 December 31, 2834 December 31, 2025 2024 Cost $ 57,000 109,160 3,000 Retail $ 76,000 126,000 19,000 3,000 124,460 4,500 2025 Cost $ 115,150 4,300 Metall $ 132,400 11,600 4,000 120,440 5,85e 1.00 1.07 1.12 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 final answers to the nearest whole dollar
Chapter1: Financial Statements And Business Decisions
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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
Netmarkups
Netmarkdowns
Set sales to customers
Sales to employees (net of 10% discount)
Price Inde
January 1, 2024-
December 31, 2034
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
1.00
1.07
1.12
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 final
answers to the nearest whole dollar.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf183a81-fb95-4fe4-b783-954549fcf6f6%2F4f012e85-a31c-41e4-a966-137b9747ec42%2Fkjr8aq_processed.jpeg&w=3840&q=75)
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
Netmarkups
Netmarkdowns
Set sales to customers
Sales to employees (net of 10% discount)
Price Inde
January 1, 2024-
December 31, 2034
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
1.00
1.07
1.12
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 final
answers to the nearest whole dollar.
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