Exercise 9-21 (Algo) Dollar-value LIFO retail [LO9-5]Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records providethe following information:CostRetailMerchandise inventory, January 1, 2021Net purchasesNet markupsNet markdowns$245,000 $350,000458,800 615,00018,00013,000460,000Net salesRelated retail price indexes are as follows:January 1, 2021December 31, 20211.001.20Required:Determine ending inventory and cost of goods sold using the information provided.X Answer is complete but not entirely correct.Ending inventory at retail24480,000 X346,500 X24Ending inventory at cost$4Cost of goods sold395,200

Name: Exercise 9-21 (Algo) Dollar-value LIFO retail [LO9-5]Lance-Hefner Spe
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Description: Exercise 9-21 (Algo) Dollar-value LIFO retail [LO9-5]Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records providethe following information:CostRetailMerchandise inventory, Janua

Solution:- Given, Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method…

Business

Accounting

Required: Determine ending inventory and cost of goods sold using the information provided. O Answer is complete but not entirely correct. Ending inventory at retail 480,000 346,500 Ending inventory at cost Cost of goods sold $ 395,200 X %24 %24 %24

Required: Determine ending inventory and cost of goods sold using the information provided. O Answer is complete but not entirely correct. Ending inventory at retail 480,000 346,500 Ending inventory at cost Cost of goods sold $ 395,200 X %24 %24 %24

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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of 2 Book Hint Ask F erences Ac raw ill Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number Number of Cost per of units Cost per Cost of Goods Number of units unit unit sold Sold units 80 at $3.20 100 at $ 3.34 Perpetual LIFO: Cost of Goods Sold 100 at 80 at at wwwwww $ 3.00 = $ 3.20 = at $ 3.00 = at $ 3.20 = at $ 3.34 = delete Inventory Balance $ $ 960 256 $1,216 $ 960 $ 960 256 334 1,550 home 7:0 9/29
Your answer is incorrect. Inventory data for Shamrock Company are reported as follows: Date Explanation Number of Units Unit Cost Total Cost June 1 Beginning inventory 370 $5 $1,850 CL Purchase 570 6 3,420 23 Purchase 470 7 Assume a sale of 610 units occurred on June 15 for a selling price of $8 and a sale of 530 units on June 27 for $9. On June 30, 270 units remain in inventory. Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, eg. 5.271 and final answers to 2 decimal places, eg. 5,275.75.) Weighted Average Ending inventory $ 1,639.90 Cost of goods sold $ 6,924.80
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Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
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