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In: Accounting
On January 1, 2016, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
On January 1, 2016, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2016: Cost Retail Beginning inventory $ 81,000 $ 150,000 Net purchases 121,500 278,000 Net markups 8,000 Net markdowns 16,000 Net sales 228,000 Retail price index, 12/31/16 1.20 Required: Calculate the estimated ending inventory and cost of goods sold for 2016.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
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.
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
On January 1, 2021, the Brunswick Hat Company adopted the
dollar-value LIFO retail method. The following data are available
for 2021:
Cost
Retail
Beginning inventory
$
78,880
$
136,000
Net purchases
119,040
256,000
Net markups
6,000
Net markdowns
14,000
Net sales
230,000
Retail price index, 12/31/2021
1.10
Required:
Calculate the estimated ending inventory and cost of goods sold for
2021 using the information provided. (Do not round
intermediate calculations.)
Ending inventory at retail
154000
ending inventory at cost
?
cost...
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
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
$
84,600
$
141,000
Net
purchases
129,500
264,000
Net markups
5,000
Net
markdowns
10,000
Net sales
229,000
Retail price
index, 12/31/18
1.20
Required:
Calculate the estimated ending inventory and cost of goods sold for
2018.
171000
Ending inventory at retail
Ending inventory at cost
Cost of goods sold
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
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
$
73,150
$
133,000
Net purchases
113,400
257,000
Net markups
8,000
Net markdowns
13,000
Net sales
224,000
Retail price index, 12/31/18
1.12
Required:
Calculate the estimated ending inventory and cost of goods sold for
2018.
1.Ending inventory at retail-
2.Ending inventory at cost-
3.Cost of goods sold-
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
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
$
81,000
$
150,000
Net purchases
121,500
278,000
Net markups
8,000
Net markdowns
16,000
Net sales
228,000
Retail price index,
12/31/18
1.20
Required:
Calculate the estimated ending inventory and cost of goods sold for
2018.
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
On January 1, 2021, the Brunswick Hat Company adopted the
dollar-value LIFO retail method. The following data are available
for 2021:
Cost
Retail
Beginning inventory
$
81,760
$
146,000
Net purchases
123,360
265,000
Net markups
4,000
Net markdowns
12,000
Net sales
238,000
Retail price index, 12/31/2021
1.10
Required:
Calculate the estimated ending inventory and cost of goods sold for
2021 using the information provided. (Do not round
intermediate calculations.)
Ending inventory at
retail
_____
Ending inventory at cost
_____
Cost...
On January 1, 2018, the Brunswick Hat Company adopted thedollar-value LIFO retail method. The following...
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 $ 72,900 $ 135,000 Net
purchases 102,150 232,000 Net markups 5,000 Net markdowns 10,000
Net sales 200,000 Retail price index, 12/31/18 1.08Required: Calculate the estimated ending inventory at retail and
ending inventory at cost and cost of goods sold for 2018.
Kingbird Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2016. At that time...
Kingbird Corporation adopted the dollar-value LIFO retail
inventory method on January 1, 2016. At that time the inventory had
a cost of $57,000 and a retail price of $100,000. The following
information is available. Year-End Inventory at Retail Current Year
Cost—Retail % Year End Price Index 2016 $133,560 56% 106 2017
146,520 59% 111 2018 124,120 60% 116 2019 168,750 57% 125 The price
index at January 1, 2016, is 100. Compute the ending inventory at
December 31 of the...
On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2016, HGC Camera Store adopted the dollar-value
LIFO retail inventory method. Inventory transactions at both cost
and retail, and cost indexes for 2016 and 2017 are as follows: 2016
2017 Cost Retail Cost Retail Beginning inventory $ 51,800 $ 74,000
Net purchases 101,150 125,000 $ 107,532 $ 131,700 Freight-in 3,700
4,200 Net markups 18,500 11,400 Net markdowns 3,700 3,900 Net sales
to customers 125,250 118,800 Sales to employees (net of 20%
discount) 3,000 6,720 Price Index: January...
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the...
Canova Corporation adopted the dollar-value LIFO retail method
on January 1, 2021. On that date, the cost of the inventory on hand
was $20,000 and its retail value was $25,000. Information for 2021
and 2022 is as follows:
Ending Inventory
at Retail
Retail Price
Index
Cost-to-Retail
Percentage
Date
12/31/2021
$
35,000
1.25
82
%
12/31/2022
$
42,000
1.40
85
%
Required:
1. What is the cost-to-retail percentage for the
inventory on hand at 1/1/2021?
2. Calculate the inventory value at...
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