Saved Help Save & Exit S Check my w On January 1, 2018, HGC Camera Sto retail, and cost indexes for 2018 and 2019 are as follows re adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost an 2018 Cost Retail 2019 Cost Retail Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers sales to employees (net of 10% discount) Price Index: $42,000 60,000 94,500 118,000 $108,108 $133,200 3,000 3,500 15,000 3,000 117,360 3,600 10,000 3,200 119,890 6,300 nces January 1, 2018 December 31, 2018 December 31, 2019 1.00 1.04 1.09 Required: Estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculations to 2 decimal places and final answers to the nearest whole dollar.) 2018 2019 Estimated ending inventory at retail72,540 Estimated ending inventory at cost Estimated cost of goods sold < Prev 4of 5 Next >
Saved Help Save & Exit S Check my w On January 1, 2018, HGC Camera Sto retail, and cost indexes for 2018 and 2019 are as follows re adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost an 2018 Cost Retail 2019 Cost Retail Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers sales to employees (net of 10% discount) Price Index: $42,000 60,000 94,500 118,000 $108,108 $133,200 3,000 3,500 15,000 3,000 117,360 3,600 10,000 3,200 119,890 6,300 nces January 1, 2018 December 31, 2018 December 31, 2019 1.00 1.04 1.09 Required: Estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculations to 2 decimal places and final answers to the nearest whole dollar.) 2018 2019 Estimated ending inventory at retail72,540 Estimated ending inventory at cost Estimated cost of goods sold < Prev 4of 5 Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I computed 72,540 but is checked wrong why?
![Saved
Help Save & Exit S
Check my w
On January 1, 2018, HGC Camera Sto
retail, and cost indexes for 2018 and 2019 are as follows
re adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost an
2018
Cost Retail
2019
Cost Retail
Beginning inventory
Net purchases
Freight-in
Net markups
Net markdowns
Net sales to customers
sales to employees (net of 10% discount)
Price Index:
$42,000 60,000
94,500 118,000 $108,108 $133,200
3,000
3,500
15,000
3,000
117,360
3,600
10,000
3,200
119,890
6,300
nces
January 1, 2018
December 31, 2018
December 31, 2019
1.00
1.04
1.09
Required:
Estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not
round other intermediate calculations. Round your cost-to-retail percentage calculations to 2 decimal places and final answers to
the nearest whole dollar.)
2018
2019
Estimated ending inventory at retail72,540
Estimated ending inventory at cost
Estimated cost of goods sold
< Prev
4of 5
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6b898abf-47c0-4d9c-a292-7631efa46b5c%2Fee146a57-fc44-403a-b9c4-f31b5a62a773%2F4vsj5ha.jpeg&w=3840&q=75)
Transcribed Image Text:Saved
Help Save & Exit S
Check my w
On January 1, 2018, HGC Camera Sto
retail, and cost indexes for 2018 and 2019 are as follows
re adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost an
2018
Cost Retail
2019
Cost Retail
Beginning inventory
Net purchases
Freight-in
Net markups
Net markdowns
Net sales to customers
sales to employees (net of 10% discount)
Price Index:
$42,000 60,000
94,500 118,000 $108,108 $133,200
3,000
3,500
15,000
3,000
117,360
3,600
10,000
3,200
119,890
6,300
nces
January 1, 2018
December 31, 2018
December 31, 2019
1.00
1.04
1.09
Required:
Estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not
round other intermediate calculations. Round your cost-to-retail percentage calculations to 2 decimal places and final answers to
the nearest whole dollar.)
2018
2019
Estimated ending inventory at retail72,540
Estimated ending inventory at cost
Estimated cost of goods sold
< Prev
4of 5
Next >
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