answer in text form please (without image) 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, 2025Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold20242024Cost$ 56,000104,0004,000Retail$ 80,000128,000202520,0004,000129,4652,700Cost2025$ 109,6954,500Required: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.Retail$ 134,20012,0004,200121,2604,4001.001.061.12

Name: answer in text form please (without image) On January 1, 2024, HGC Cam
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Description: answer in text form please (without image) 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 inventor

The retail inventory method is used to evaluate the ending inventory by totaling the value of goods…

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 2024 Cost $ 56,000 104,000 4,000 Retail $ 80,000 128,000 20,000 4,000 129,465 2,700 Cost 2025 $ 109,695 4,500 Retail $ 134,200 12,000 4,200 121,260 4,400 1.00 1.06 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 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 2024 Cost $ 56,000 104,000 4,000 Retail $ 80,000 128,000 20,000 4,000 129,465 2,700 Cost 2025 $ 109,695 4,500 Retail $ 134,200 12,000 4,200 121,260 4,400 1.00 1.06 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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