![11 Exercise 9-22 Dollar-value LIFO retail; solving for unknowns [LO9-5] Bosco Company adopted the dollar-value LIFO retail me](http://img.homeworklib.com/questions/4a37e9d0-6f97-11ea-83d0-0da2381364e3.png?x-oss-process=image/resize,w_560)
Homework Answers
| Cost | Retail | ratio | Calculation | |
| Inventory 1/1/2018 | 21000 | 30000 | 0.7 | |
| Inventory 12/31/2018 | 22804 | 35200 | 0.82 | |
| 2019 net purchases | 60570 | 90000 | 0.673 | 60570/90000 |
| 2019 net sales | 80800 | |||
| Inventory 12/31/2019: | 44400 | |||
| Deflated Retail Inventory | 37000 | 44400/1.20 | ||
| Belong to Beginning Inv. | 21000 | 30000 | (at base level) | |
| 4264 | 5200 | (any increase at new price index) | 5200*0.82 | |
| 1211.4 | 1800 | (any increase at new price index) | 1800*0.673 | |
| Inventory 12/31/2019: | 26475.4 | 37000 |
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11 Exercise 9-22 Dollar-value LIFO retail; solving for unknowns [LO9-5] Bosco Company adopted the dollar-value LIFO...
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2018. Information for 2018...
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2018. Information for 2018 and 2019 is as follows, with certain data intentionally omitted: Required: Determine the missing data. Inventory Inventory Retail Cost To Retail Date Cost Retail Price Index Percentage Inventory, 1/1/2018 $21,000 $30,000 1.00 70% Inventory, 12/31/2018 22,804 35,200 1.10 82% 2019 net purchases 60,570 90,000 n/a n/a 2019 net sales n/a 80,800 n/a n/a Inventory, 12/31/2019 ? 44,400 1.20
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2018. Information for 2018...
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2018. Information for 2018 and 2019 is as follows, with certain data intentionally omitted: Required: Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12%).) Inventory Retail Cost-to-Retail Date Cost Retail Price Index Percentage Inventory, 1/1/2018 $32,400 $45,000 1.00 72% Inventory, 12/31/2018 33,240 48,300 1.05 80% 2019 net purchases 71,240 104,000 2019 net sales 92,300 Inventory, 12/31/2019 ? 60,000...
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021...
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows, with certain data intentionally omitted: Required: Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12%).) Inventory Cost-to-Retail Percentage 74 Retail Price Index 1.00 1.02 $ % Date Inventory, 1/1/2021 Inventory, 12/31/2021 2022 net purchases 2022 net sales Inventory, 12/31/2022 Cost 18,500 26,864 65,960 Retail 25,000 3 5,700 97,000 81,100...
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 i...
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows with certain data intentionally omitted: Required: Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12%).)
12 Brief Exercise 9-12 Dollar-value LIFO retail [LO9-5] On January 1, 2018, Sanderson Variety Store adopted...
12 Brief Exercise 9-12 Dollar-value LIFO retail [LO9-5] On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 0.71 polnts Cost Retail $ 57,200 $ 88,000 Beginning inventory Net purchases Net markups 231,840 370,000 8,000 10,000 347,000 1.04 Net markdowns Net sales Retail price index, end of year During 2019, purchases at cost and retail were $293,580 and $489,300, respectively. Net markups, net markdowns, and net sales for the year...
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: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/18 Cost Retail $ 81,760 $ 146,000 123,360 265,000 4,000 12,000 238,000 1.10 Required: Calculate the estimated ending inventory and cost of goods sold for 2018. 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 Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/18 81,000 $150,000 121,500 278,000 8,000 16,000 228,000 1.20 Required Calculate the estimated ending inventory and cost of goods sold for 2018. Ending inventory at retail Ending inventory at cost Cost of goods sold $ 192,000 86,280 S 105,270
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 $ 81,400 $ 148,000 Net purchases 101,200 261,000 Net markups 6,000 Net markdowns 14,000 Net sales 233,000 Retail price index, 12/31/18 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2018. On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for...
Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The...
Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: Cost Retail $117,600 $280,000 260,000 147,200 320,000 300,000 Cost Retail 2018 Inventory, January 1 $40,000 $80,000 2020 Purchases Purchases 85,500 190,000 Sales Sales 200,000 2021 Purchases 2019 Purchases 92,000 230,000 Sales Sales 210,000 In addition, the following price indexes are available: January 1, 2018 100 December 31, 2020 December 31, 2018 105 December 31, 2021 December...
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
$
80,640
$
144,000
Net purchases
131,500
267,000
Net markups
8,000
Net markdowns
12,000
Net sales
227,000
Retail price index, 12/31/18
1.20
Required:
Calculate the estimated ending inventory and cost of goods sold for
2018.
Ending inventory at retail :$180,000
Ending inventory at cost:?
Cost of goods sold:?
A Chaster BHw i rewUonmect.mheducslion.comilkowicorneat.hml Chaater S...
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows, with certain data intentionally omitted: Required: Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12%).) Inventory Cost-to-Retail Percentage 74 Retail Price Index 1.00 1.02 $ % Date Inventory, 1/1/2021 Inventory, 12/31/2021 2022 net purchases 2022 net sales Inventory, 12/31/2022 Cost 18,500 26,864 65,960 Retail 25,000 3 5,700 97,000 81,100...
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2021. Information for 2021 and 2022 is as follows with certain data intentionally omitted: Required: Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12%).)
12 Brief Exercise 9-12 Dollar-value LIFO retail [LO9-5] On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 0.71 polnts Cost Retail $ 57,200 $ 88,000 Beginning inventory Net purchases Net markups 231,840 370,000 8,000 10,000 347,000 1.04 Net markdowns Net sales Retail price index, end of year During 2019, purchases at cost and retail were $293,580 and $489,300, respectively. Net markups, net markdowns, and net sales for the year...
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/18 Cost Retail $ 81,760 $ 146,000 123,360 265,000 4,000 12,000 238,000 1.10 Required: Calculate the estimated ending inventory and cost of goods sold for 2018. 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 data are available for 2018: Cost Retail Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/18 81,000 $150,000 121,500 278,000 8,000 16,000 228,000 1.20 Required Calculate the estimated ending inventory and cost of goods sold for 2018. Ending inventory at retail Ending inventory at cost Cost of goods sold $ 192,000 86,280 S 105,270
Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: Cost Retail $117,600 $280,000 260,000 147,200 320,000 300,000 Cost Retail 2018 Inventory, January 1 $40,000 $80,000 2020 Purchases Purchases 85,500 190,000 Sales Sales 200,000 2021 Purchases 2019 Purchases 92,000 230,000 Sales Sales 210,000 In addition, the following price indexes are available: January 1, 2018 100 December 31, 2020 December 31, 2018 105 December 31, 2021 December...
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
$
80,640
$
144,000
Net purchases
131,500
267,000
Net markups
8,000
Net markdowns
12,000
Net sales
227,000
Retail price index, 12/31/18
1.20
Required:
Calculate the estimated ending inventory and cost of goods sold for
2018.
Ending inventory at retail :$180,000
Ending inventory at cost:?
Cost of goods sold:?
A Chaster BHw i rewUonmect.mheducslion.comilkowicorneat.hml Chaater S...
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