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 Net purchases Cost $ 323,000 536,000 Retail $ 425,000 665,000 Net markups Net markdowns Net sales Related retail price indexes are as follows: 23,000 18,000 510,000 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 $ 380,000X Cost of goods sold $ 479,000X

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 Net purchases Cost $ 323,000 536,000 Retail $ 425,000 665,000 Net markups Net markdowns Net sales Related retail price indexes are as follows: 23,000 18,000 510,000 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 $ 380,000X Cost of goods sold $ 479,000X

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

4.
Help me with this
Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Cost Retail Merchandise inventory, January 1, 2024 $ 320,000 $ 500,000 Net purchases 670,000 1,020,000 Net markups 14,000 Net markdowns 4,000 Net sales 650,000 Pertinent retail price indexes: January 1, 2024 1.00 December 31, 2024 1.10 Required: Estimate the ending inventory for December 31, 2024. Note: Round "Cost-to-retail percentage" to the nearest whole percent..
Platinum Taco Shell Inc. uses a retail inventory method. Below is last year's data: Cost Retail Beginning inventory 347,900 784,000 Purchases 730,100 980,000 Freight in 39,200 Mark ups 98,000 Mark downs 116,375 Sales 686,000 Inflation factor: 1.1 What is the Ending Inventory under Dollar value LIFO, conventional retail, and average cost? What is the COGS under Dollar value LIFO, conventional retail, and average cost?
Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $43,000 and a retail price of $100,000. The following information is available. Year-EndInventory at Retail Current YearCost—Retail % Year EndPrice Index 2013 $127,200 59% 106 2014 149,850 62% 111 2015 128,800 63% 115 2016 165,000 60% 125 The price index at January 1, 2013, is 100.Compute the ending inventory at December 31 of the years 2013–2016. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to 0 decimal places, e.g. 28,987)
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018: Cost Retail Beginning inventory $ 72,420 $ 142,000 Net purchases 107,100 264,000 Net markups 6,000 Net markdowns 15,000 Net sales 229,000 Retail price index, 12/31/18 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2018. Please don't provide answer in image format thank you
Please do not give solution in image format
Exit Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold, The following data is available from the company records for the month of June 2021: Cost Retail Beginning inventory Net purchases Net markups Net markdowns Net sales $ 82,500 $131, 000 505,000 269,000 25,500 36,000 525, 000 The average cost-to-retail percentage is: Muitipte Choice O 56.0%. < Prev 15 of 15 Next
The following data is given for Co. A., a merchandising company. Assume the company uses the Periodic Inventory system and that the cost of goods sold is $ 300,000, $14.000 40.000 60.000 2 4.000 6.000 Freight-In Merchandise Inventory, January 1, 2020 Merchandise Inventory, January 31, 2020 Purchases Purchase Returns Purchase Discounts Required: a. Calculate the missing amount for "Purchases" b. Calculate the "Cost of Goods Sold"
None
don't provide answer in image format
Hansaben