On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions atboth cost and retail, and cost indexes for 2024 and 2025 are as follows:Beginning inventoryNet purchasesFreight-inNet markupsNet markdownsNet sales to customers.Sales to employees (net of 10% discount)Price Index:January 1, 2024December 31, 2024December 31, 20252024Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods soldCost$ 57,000109,1603,8002024Retail$ 76,000126,00019,0003,800124,4604,5002025Cost2025$ 115,1504,300Retail$ 132,40011,6004,000Required:Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventorymethod.120,4405,850Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimalplaces and final answers to the nearest whole dollar.1.001.071.12

Name: On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO re
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Description: On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions atboth cost and retail, and cost indexes for 2024 and 2025 are as follows:Beginning inventoryNet purchasesFreight-inNet markupsNet mar

Retail inventory method :The retail inventory method is used to evaluate the ending inventory by…

Answered: Required: Estimate the 2024 and 2025…

Business

Accounting

Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.

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 December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $77500, it is now January 8, 2024, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system Note: Only relevant items are shown on the inventory listing. # 1 2 Jen & Mink Clothing Inventory Listing December 31, 2023 Inventory Number Inventory Description Quantity (units) Blue jackets. Black pants 7649 10824 104 308 Unit Cost ($) Total Value ($) 24 2,496 5,852 19 Total Inventory $77,500 The following situations have been brought to your attention: a. On January 3, 2024, J&M received a shipment of 104 blue jackets, for $2,496 (Item #7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing. b. On December 29, 2023, J&M sold scarves (Item # 5566) to a customer with a sale price of $740 and cost of…
H1.
1. If ending inventory on December 31, 2019, is overstated, then, a) cost of goods sold for the year ended December 31, 2020, will be understated. b) gross profit for the year ended December 31, 2019, will be understated. c) gross profit for the year ended December 31, 2020, will be understated. d) cost of goods sold for the year ended December 31, 2019, will be overstated.
Coronado uses LIFO inventory costing. At January 1, 2020, inventory was $427,200 at both cost and market value. At December 31, 2020, the inventory was $543,600 at cost and $511,200 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b)
You have the following information for Ivanhoe Inc. for the month ended October 31, 2025. Ivanhoe uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 (a1) (a2) Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Ending inventory $ Cost of goods sold Gross profit Units Unit Cost or Selling Price $26 +A 55 - Your answer is partially correct. $ 140 tA 100 1.LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 100 55 65 110 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. LIFO 2424 7841 4034 $ $ 28 $ 45 29 50 31 50 FIFO 2885 7380 5370 i +A tA $ LA AVERAGE-COST 2580 7685 4190
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Given the following, calculate: Cost of goods available for sale, the ending inventory at retail, the estimated cost of goods sold and estimated ending inventory using the gross profit method. Cost Beginning inventory: $ 29,000.00 Net Purchases: $ 3,900.00 Net sales at retail: $ 17,000.00 Gross profit on sale: 55% Required: Using the information above complete the highlighted cells in the chart: Cost of goods available for sale: Ending inventory at retail: Estimated cost of goods sold: Estimated ending inventory: