Answer
Ending Inventory at Retail |
$161,000 |
Ending Inventory at Cost |
$78,568 |
Cost of Goods Sold |
$107,982 |
--Working
Cost |
Retail |
Cost to retail % |
|
Beginning Inventory |
$73,150 |
$133,000 |
55.000% |
Net Purchases |
$113,400 |
$257,000 |
|
Net Mark ups |
$8,000 |
||
Net Mark downs |
($13,000) |
||
Purchases |
$113,400 |
$252,000 |
45.000% |
Goods available for sale |
$186,550 |
$385,000 |
|
Net Sales |
($224,000) |
||
Ending Inventory at Retail |
$161,000 |
||
Ending Inventory at Cost |
($78,568) |
||
Cost of Goods Sold |
$107,982 |
Step 1 |
Step 2 |
Step 3 |
|||||
Ending Inventory at Year end retail prices |
Ending Inventory at Year end BASE YEAR retail prices |
Inventory Layer at base year retail prices |
Inventory Layers converted to cost |
||||
$161,000 |
$143,750 |
$133,000 |
$73,150 |
[133000 x 55% x 1.0] |
|||
[ 161000 / 1.12 ] |
$10,750 |
$5,418 |
[10750 x 45% x 1.12] |
||||
Total ending Inventory at dollar value LIFO retail cost |
$78,568 |
||||||
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
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