On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retall 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 anding inventory at retallEstimated ending inventory at costEstimated cost of goods sold20242024Cost$ 37,80091,6502,700PavRetail$ 54,000115,000202513,5002,700112,2003,2002025Cost$ 100, 3863,200Required:Estimate the 2024 and 2025 ending inventory and cost of goods sold using the doller-value LIFO retail invertory 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 doller.Next >Retail$.123,5009,4002,900113,0005,120Check my work1.001.061.09132 PMEC

Name: On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO re
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Description: On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retall inventory method. Inventory transactions at both cost andretail, and cost indexes for 2024 and 2025 are as follows.Beginning inventoryNet purchasesFreight-inNet markupsNet mar

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On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retall 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 $37.500 91,650 2,700 Retall $ 54,000 115,000 13,500 2,700 112,200 3,200 2025 Cost $ 100, 186 3,200 Retail $.123,500 9,400 2,900 113,000 5,120 1.00 1.M 1.00 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail invecry 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 doller.

On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retall 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 $37.500 91,650 2,700 Retall $ 54,000 115,000 13,500 2,700 112,200 3,200 2025 Cost $ 100, 186 3,200 Retail $.123,500 9,400 2,900 113,000 5,120 1.00 1.M 1.00 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail invecry 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 doller.

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
8 points On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Cost $ 41,000 162,240 Retail $82,000 Net markups Net markdowns Net sales Retail price index, end of year 340,000 8,000 10,000 317,000 1.04 During 2025 (the following year), purchases at cost and retail were $195,075 and $433,500, respectively. Net markups, net markdowns, and net sales for the year were $9,000, $10,000, and $350,000, respectively. The retail price Index at the end of 2025 was 1.06. Estimate ending inventory in 2025 using the dollar-value LIFO retall method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollar. Answer is complete but not entirely correct. Ending inventory S 83,784
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Subject: acounting
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I computed 72,540 but is checked wrong why?
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