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…

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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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Required information Problem 9-9 (Algo) Retail method-average cost and conventional [LO9-3, 9-4] Skip to question [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: ($ in thousands) Cost Retail Beginning inventory S 89 $ 134 Purchases 680 1,015 Freight-in on purchases 39 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 925 Problem 9- 9 (Algo) part 2 2. Use the retail method to approximate cost of ending inventory valued under conventional method. Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.
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 provide the following information: Cost Retail Merchandise inventory, January 1, 2021 Net purchases Net markups Net markdowns $245,000 $350,000 458,800 615,000 18,000 13,000 460,000 Net sales Related retail price indexes are as follows: January 1, 2021 December 31, 2021 1.00 1.20 Required: Determine ending inventory and cost of goods sold using the information provided. Ending inventory at retail 161,300 X Ending inventory at cost $ 97,782 X Cost of goods sold $ 194,898 X
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 provide the following information: Merchandise inventory, January 1, 2024 Cost $ 323,000 Retail $ 425,000 Net purchases 536,000 665,000 Net markups 23,000 Net markdowns Net sales 18,000 510,000 Related retail price indexes are as follows: January 1, 2024 1.00 December 31, 2024 1.20 Required: Determine ending inventory and cost of goods sold using the information provided. Answer is complete but not entirely correct. Ending inventory at retail $ 585,000 Ending inventory at cost $ 536,000X Cost of goods sold $ 383,000 x
Required Information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 2 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 Average Cost Retail Method Cost Retail $ 96,000 $160,000 520,000 883,000 2,700 4,000 3,000 1.00 1.25 1.25 6,000 4,000 670,000 12,000 3,000 2022 Cost Retail $600,000 $950,000 2,400 5,750 8,000 Required: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost…
Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 3 X Answer is complete but not entirely correct. Conventional Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2021 950,400 X 725,191 X 725,191 x Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 Required: 3. Estimate the 2021 ending inventory and…
Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 2 X Answer is complete but not entirely correct. Average Cost Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 950,400 x 725,191 X (236,600) X 2021 Cost Retail $105,400 $170,000 430,000 622,000 4,000 2,900 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Required: 2. Estimate the 2021 ending inventory and cost of…
Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 1 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 2022 Cost Retail $105,400 $170,000 430,000 622,000 2,900 4,000 6,200 1.00 1.04 1.20 5,150 4,150 500,000 14,400 1,900 Cost 2022 Retail $630,000 $792,000 2,600 2,450 6,000 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO…
Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Problem 9-13 (Algo) Part 1 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ $ $ 2024 2024 Cost Retail $ 150,500 $ 215,000 640,000 852,000 2,700 6,800 5,650 474,400 $ 354,756 $ (579,600) $ 1.00 1.25 1.25 2025 Required: 1. Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Note: Round your cost-to-retail percentage calculation…
Exercise 9-19 (Algo) Dollar-value LIFO retall [LO9-5) 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 $ 73,500 106, 400 Ending inventory at retail Ending inventory at cost Cost of goods sold Retail $147,000 271,000 5,000 10,000 245,000 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations.
Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 162,500 $ 250,000 Purchases 800,000 1,084,000 $ 680,000 $ 1,063,000 Purchase returns 7,000 12,150 2,000 4,300 Freight-in 12,500 2,000 Net markups 6,900 11,800 Net markdowns 4,750 8,000 Net sales to customers 950,000 722,000 Sales to employees (net of 25% discount) 22,500 22,500 Normal spoilage 4,200 6,900 Price Index: January 1, 2021 1.00…
Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2022 Retail 2021 Cost Retail Cost Beginning inventory Purchases $105,400 $170,000 430,000 2,900 6,200 $630,000 $792,000 2,600 6,000 622,000 4,000 Purchase returns 2,450 Freight-in Net markups Net markdowns 8,600 6,400 690,000 14,400 5,300 5,150 4,150 500,000 14,400 1,900 Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.04 1.20 Problem 9-13 (Algo) Part 1 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. X Answer is complete but not entirely correct. 2021 2022 Estimatedending inventory at…
Problem 9 - 10 (Algo) Dollar - value LIFO retail method [LO9 - 5] Smith - Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 112 $ 160 Purchases 812 1,067 Freight-in on purchases 37 Purchase returns 13 Net markups 5 Net markdowns 9 Net sales 923 Required: Assuming the price level increased from 1.00 at January 1 to 1.45 at December 31, 2024, use the dollar - value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands.