On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Cost $ 78,300 111,150 Retail $ 145,000 251,000 Net markups Net markdowns Net sales Retail price index, 12/31/2024 Required: 9,000 13,000 230,000 1.08 Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Ending inventory at retail Ending inventory at cost Cost of goods sold

On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Cost $ 78,300 111,150 Retail $ 145,000 251,000 Net markups Net markdowns Net sales Retail price index, 12/31/2024 Required: 9,000 13,000 230,000 1.08 Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Ending inventory at retail Ending inventory at cost Cost of goods sold

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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