Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 and 2025 is as follows, with certain data intentionally omitted: Required: Determine the missing data. Note: Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12.34%). Date Inventory, 1/1/2024 Inventory, 12/31/2024 2025 net purchases 2025 net sales Inventory, 12/31/2025 $ Cost Inventory 21,300 $ 26,466 60,950 Retail 30,000 37,800 92,000 69,800 Retail Price Index 1.00 1.05 1.50 Cost-to-Retail Percentage % %

Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 and 2025 is as follows, with certain data intentionally omitted: Required: Determine the missing data. Note: Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12.34%). Date Inventory, 1/1/2024 Inventory, 12/31/2024 2025 net purchases 2025 net sales Inventory, 12/31/2025 $ Cost Inventory 21,300 $ 26,466 60,950 Retail 30,000 37,800 92,000 69,800 Retail Price Index 1.00 1.05 1.50 Cost-to-Retail Percentage % %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 and 2025 is as follows. with certain data intentionally omitted: Required: Determine the missing data. Note: Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12.34%). Date Inventory 1/1/2024 Inventory, 12/31/2024 2025 net purchases 2025 net sales Inventory, 12/31/2025 $ Cost Inventory 21,000 $ 22,792 60,000 Retail 28,000 33,600 88,400 80,000 Retail Price Index 1.00 1.12 120 Cost-to-Retail Percentage % %
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows. with certain data intentionally omitted: Required: Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12%).) Inventory Retail Cost to Retail Date Cost Retail Price Index Percentage Inventory, 1/12021 Inventory, 12/31/2021 2022 net purchases 22.800 S 30.000 1.00 32.000 46.000 1.15 67,620 98.000 85,500 ces 2022 net sales inventory 12/31/2022 1.30
Exercise 9-15 (Algo) Retail inventory method; LIFO (LO9-3] Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the three months ending March 31, 2021: Cost Retail Beginning inventory Net purchases Net markups $220,000 697,000 $361,000 830,000 27,000 7,000 825,000 Net markdowns Net sales Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the threefmonths ending March 31, 2021, using the information provided. Assume stable retail prices during the period. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) X Answer is not complete. Cost-to- Retail Ratio Cost Retail Beginning inventory 220,000 2$ 361,000 Net purchases 697,000 O 830,000 Net markups 27,000 Net…
Flint Corporation began operations on January 1, 2025, with a beginning inventory of $30,360 at cost and $50,600 at retail. The following information relates to 2025. Net purchases ($108,290 at cost) Net markups Net markdowns Sales revenue Retail $149,600 10,000 4,900 128,300 * Assume instead that Flint decides to adopt the dollar-value LIFO retail method. The appropriate price indexes are 100 at January 1 and 110 at December 31. Compute the ending inventory to be reported in the balance sheet. (Round ratios for computational purposes to 2 decimal places, e.g. 78.72% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the dollar-value LIFO retail method $ 1
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 $ 72,420 107, 100 Ending inventory at retail Ending inventory at cost Cost of goods sold Retail $ 142,000 264,000 6,000 15,000 229,000 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.
The Genworth Company adopted the dollar-value LIFO method on January 1, 2021 when the inventory value of its one inventory pool was $594,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2021, the CPI was 240. On December 31, 2021, inventory valued at year-end cost was $672,000 and the CPI was 252. Required: Calculate the inventory value at the end of 2021 using the dollar-value LIFO method.
Hsieh Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiplepools). The following data are available for inventory pool A for the 2 years following adoption of LIFO:At Base- At CurrentInventory Year Cost Year Cost1/1/2020 $334,000 $334,00012/31/2020 361,000 375,44012/31/2021 412,000 449,080
Ibri Company decided in in 31-12-2020 to change from FIFO to Weighted average inventory pricing. The income before taxes, using new weighted cost average method in 2020 is RO 50,000. When FIFO for the year 2019 is OMR 40,000 and in 2018 it is OMR 30,000. For the year 2019 the WACM is OMR 40,000 and 2018 OMR 30,000. Calculate Income tax when rate is 50% O a. OMR 40,000 O b. None of the options is correct O . OMR 30,000 O d. OMR 20,000
Carswell Electronics adopted the dollar-value LIFO method on January 1, 2018, when the inventory value ofits one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index(CPI), to adjust for changes in the cost level. On January 1, 2018, the CPI was 240. On December 31, 2018, inventory valued at year-end cost was $880,000 and the CPI was 264.Required:Calculate the inventory value at the end of 2018 using the dollar-value LIFO method.
Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2020, in accordance with other companies in its industry, Mattke changed its inventory pricing to FIFO. The pretax income data is reported below. Year Weighted-Average FIFO 2018 $370,000 $395,000 2019 390,000 430,000 2020 410,000 450,000 Instructions a. What is Mattke’s net income in 2020? Assume a 20% tax rate in all years. b. Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing. c. Show comparative income statements for Tim Mattke Company, beginning with income before income tax, as presented on the 2020 income statement.
A company adopted the dollar-value LIFO inventory method on January 1, 2024. In applying the LIFO method, the company uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: Year Ending Inventory Cost Index At Year-End At Base Year Cost 1/1/2024 $ 303,500 $ 303,500 1.00 12/31/2024 344,500 325,000 1.06 12/31/2025 435,540 357,000 1.22 Under the dollar-value LIFO method, the inventory on December 31, 2025, should be?
4. Ashbrook Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory At Base-Year Cost At Current-Year Cost 1/1/20 $200,000 $200,000 12/31/20 240,000 264,000 12/31/21 256,000 286,720 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021?