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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 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. $ $ Cost $ 80,460 117,450 $ Retail $ 149,000 269,000 7,000 15,000 254,000 1.04 156,000

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 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. $ $ Cost $ 80,460 117,450 $ Retail $ 149,000 269,000 7,000 15,000 254,000 1.04 156,000

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 Net markdowns Net sales Retail price index, 12/31/2024 Cost $ 80,460 117,450 Ending inventory at retail Ending inventory at cost Cost of goods sold Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. 156,000 Retail $ 149,000 269,000 7,000 $ $ $ wap.com 15,000 254,000 1.04
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 Cost $ 80,460 117,450 Ending inventory at retail Ending inventory at cost Cost of goods sold Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. 156,000 Retail $ 149,000 269,000 7,000 $ $ $ wap.com 15,000 254,000 1.04
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