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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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