None 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 inventoryNet purchasesFreight-inNet markupsNet markdownsNet sales to customersSales to employees (net of 20% discount)Price Index:January 1, 2024December 31, 2024December 31, 2025Required:20242025CostRetailCostRetail$ 58,500 $ 78,000110,180 127,0003,900$ 115,808$133,1004,40019,5003,900125,38011,8004,100119,1403,6006,0001.001.081.14Estimate 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 retailEstimated ending inventory at costEstimated cost of goods sold20242025

Name: None On January 1, 2024, HGC Camera Store adopted the dollar-value LIF
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: None 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 inventoryNet purchasesFreight-inNet markupsNet

A technique of inventory valuation known as Dollar-Value LIFO (Last-In, First-Out) tracks changes in…

Business

Accounting

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 Required: 2024 2025 Cost Retail Cost Retail $ 58,500 $ 78,000 110,180 3,900 127,000 $ 115,808 $133,100 4,400 19,500 11,800 3,900 125,380 4,100 119,140 3,600 6,000 1.00 1.08 1.14 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. Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2025