ail, and cost indexes for 2024 and 2025 are as follows: 2024 2025 Cost Retail Cost Retail Beginning inventory $ 39,200 $ 56,000 Net purchases 92,600 116,000 $ 104,166 $ 128,400 Freight-in 2,800 3,300 Net markups 14,000 9,600 Net markdowns 2,800 3,000 Net sales to customers 113,355 117,120 Sales to employees (net of 20% discount) 3,300 5,280 Price Index: January 1, 2024 1.00 December 31, 2024 1.06 December 31, 2025 1.10 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.
ail, and cost indexes for 2024 and 2025 are as follows: 2024 2025 Cost Retail Cost Retail Beginning inventory $ 39,200 $ 56,000 Net purchases 92,600 116,000 $ 104,166 $ 128,400 Freight-in 2,800 3,300 Net markups 14,000 9,600 Net markdowns 2,800 3,000 Net sales to customers 113,355 117,120 Sales to employees (net of 20% discount) 3,300 5,280 Price Index: January 1, 2024 1.00 December 31, 2024 1.06 December 31, 2025 1.10 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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ail, and cost indexes for 2024 and 2025 are as follows: 2024 2025 Cost Retail Cost Retail Beginning inventory $ 39,200 $ 56,000 Net purchases 92,600 116,000 $ 104,166 $ 128,400 Freight-in 2,800 3,300 Net markups 14,000 9,600 Net markdowns 2,800 3,000 Net sales to customers 113,355 117,120 Sales to employees (net of 20% discount) 3,300 5,280 Price Index: January 1, 2024 1.00 December 31, 2024 1.06 December 31, 2025 1.10 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.
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