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 Cost $ 78,300 111,150 Retail $ 145,000 251,000 Net markups Net markdowns Net sales Retail price index, 12/31/2024 Required: 9,000 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
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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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
Cost
$ 78,300
111,150
Retail
$ 145,000
251,000
Net markups
Net markdowns
Net sales
Retail price index, 12/31/2024
Required:
9,000
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 Cost $ 78,300 111,150 Retail $ 145,000 251,000 Net markups Net markdowns Net sales Retail price index, 12/31/2024 Required: 9,000 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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