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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 Cost $ 78,300 111,150 Retail $ 145,000 251,000 9,000 Net markdowns Net sales Retail price index, 12/31/2024 Required: 13,000 230,000 1.08 Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Ending inventory at retail Ending inventory at cost Cost of goods sold

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 Cost $ 78,300 111,150 Retail $ 145,000 251,000 9,000 Net markdowns Net sales Retail price index, 12/31/2024 Required: 13,000 230,000 1.08 Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Ending inventory at retail Ending inventory at cost Cost of goods sold

FINANCIAL ACCOUNTING
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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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 Cost $ 78,300 111,150 Retail $ 145,000 251,000 9,000 Net markdowns Net sales Retail price index, 12/31/2024 Required: 13,000 230,000 1.08 Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Ending inventory at retail Ending inventory at cost Cost of goods sold
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 Cost $ 78,300 111,150 Retail $ 145,000 251,000 9,000 Net markdowns Net sales Retail price index, 12/31/2024 Required: 13,000 230,000 1.08 Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Ending inventory at retail Ending inventory at cost Cost of goods sold
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