On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory het purchases Freight-in Net markups Net werkdowns bet sales to customers Sales to employees (wt of 10% discount) Price Inder January 1, 2024 December 31, 2834 December 31, 2025 2024 Cost $ 57,000 109,160 3,000 Retail $ 76,000 126,000 19,000 3,000 124,460 4,500 2025 Cost $ 115,150 4,300 Metall $ 132,400 11,600 4,000 120,440 5,85e 1.00 1.07 1.12 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar
On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory het purchases Freight-in Net markups Net werkdowns bet sales to customers Sales to employees (wt of 10% discount) Price Inder January 1, 2024 December 31, 2834 December 31, 2025 2024 Cost $ 57,000 109,160 3,000 Retail $ 76,000 126,000 19,000 3,000 124,460 4,500 2025 Cost $ 115,150 4,300 Metall $ 132,400 11,600 4,000 120,440 5,85e 1.00 1.07 1.12 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for...
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