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In: Accounting
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 1, 2016 1.00 December
31, 2016 1.06 December 31, 2017 1.10 Required: Estimate the 2016
and 2017 ending inventory and cost of goods sold using the
dollar-value LIFO retail inventory method. (Round your
cost-to-retail percentage calculation to 2 decimal places.
estimated ending inventory at retail 2016 2017
estimated ending inventory at cost
estimated cost of goods sold
Solutions
ekkarill92 answered 10 months agoRelated Solutions
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2018, HGC Camera Store adopted the dollar-value
LIFO retail inventory method. Inventory transactions at both cost
and retail, and cost indexes for 2018 and 2019 are as follows: 2018
2019 Cost Retail Cost Retail Beginning inventory $ 42,000 $ 60,000
Net purchases 94,500 118,000 $ 108,108 $ 133,200 Freight-in 3,000
3,500 Net markups 15,000 10,000 Net markdowns 3,000 3,200 Net sales
to customers 117,360 119,890 Sales to employees (net of 10%
discount) 3,600 6,300 Price Index: January...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2021, HGC Camera Store adopted the dollar-value
LIFO 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
$
31,200
$
48,000
Net purchases
82,720
112,000
$
90,275
$
118,800
Freight-in
2,400
2,900
Net markups
12,000
8,800
Net markdowns
2,400
2,600
Net sales to customers
109,815
104,960
Sales to employees (net of 20% discount)
2,900
4,640
Price Index:
January...
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2018, HGC Camera Store adopted the dollar-value
LIFO retail inventory method. Inventory transactions at both cost
and retail, and cost indexes for 2018 and 2019 are as
follows:
2018
2019
Cost
Retail
Cost
Retail
Beginning
inventory
$
58,500
$
78,000
Net purchases
110,180
127,000
$
115,808
$
133,100
Freight-in
3,900
4,400
Net markups
19,500
11,800
Net markdowns
3,900
4,100
Net sales to customers
125,380
119,140
Sales to employees (net of 20%
discount)
3,600
6,000
Price Index:
January...
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2018, HGC Camera Store adopted the dollar-value
LIFO retail inventory method. Inventory transactions at both cost
and retail, and cost indexes for 2018 and 2019 are as follows:
2018
2019
Cost
Retail
Cost
Retail
Beginning
inventory
$
42,000
$
60,000
Net purchases
94,500
118,000
$
108,108
$
133,200
Freight-in
3,000
3,500
Net markups
15,000
10,000
Net markdowns
3,000
3,200
Net sales to customers
117,360
119,890
Sales to employees (net of 10%
discount)
3,600
6,300
Price Index:
January...
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, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records...
On January 1, 2018, Sanderson Variety Store adopted the
dollar-value LIFO retail inventory method. Accounting records
provided the following information: Cost Retail Beginning inventory
$ 60,750 $ 81,000 Net purchases 243,090 335,000 Net markups 7,000
Net markdowns 9,000 Net sales 312,000 Retail price index, end of
year 1.04 Estimate ending inventory using the dollar-value LIFO
retail method.
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records...
On January 1, 2021, Sanderson Variety Store adopted the
dollar-value LIFO retail inventory method. Accounting records
provided the following information:
Cost
Retail
Beginning inventory
$
43,800
$
73,000
Net purchases
169,940
295,000
Net markups
5,000
Net markdowns
7,000
Net sales
272,000
Retail price index, end of year
1.04
During 2022, purchases at cost and retail were $191,675 and
$348,500, respectively. Net markups, net markdowns, and net sales
for the year were $8,000, $9,000, and $305,000, respectively. The
retail price index...
On January 1, 2016, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this...
On January 1, 2016, Badger Inc. adopted the dollar-value LIFO
method. The inventory cost on this date was $114,000. The 2016
ending inventory, valued at year-end costs, was $165,000. The
relative cost index for this inventory in 2016 was 1.20.
Suppose that Badger's 2017 ending inventory, valued at year-end
costs, was $176,400 and that the relative cost index for this
inventory in 2017 was 1.26. In determining the inventory balance
should Badger report in its 12/31/17 balance sheet:
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.
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory...
On January 1, 2021, the Coldstone Corporation adopted the
dollar-value LIFO retail inventory method. Beginning inventory at
cost and at retail were $180,000 and $282,000, respectively. Net
purchases during the year at cost and at retail were $604,500 and
$920,000, respectively. Markups during the year were $10,000. There
were no markdowns. Net sales for 2021 were $900,000. The retail
price index at the end of 2021 was 1.04. What is the inventory
balance that Coldstone would report in its 12/31/2021...
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