On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Net markups Net markdowns Net sales. Retail price index, 12/31/2024 Ending inventory at retail Ending inventory at cost Cost of goods sold Cost $ 81,760 123,360 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. $ $ Retail $ 146,000 265,000 4,000 12,000 238,000 1.10 165,000 83,983

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for
2024:
Beginning inventory
Net purchases
Net markups
Net markdowns
Net sales
Retail price index, 12/31/2024
Ending inventory at retail
Ending inventory at cost
Cost of goods sold
Cost
$ 81,760
123,360
Required:
Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided.
Note: Do not round intermediate calculations.
$
$
Retail
$ 146,000
265,000
4,000
12,000
238,000
1.10
165,000
83,983
Transcribed Image Text:On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2024 Ending inventory at retail Ending inventory at cost Cost of goods sold Cost $ 81,760 123,360 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. $ $ Retail $ 146,000 265,000 4,000 12,000 238,000 1.10 165,000 83,983
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