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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 >

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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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 >
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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