Question

Chapter 9 Inventories: Additional Issues Seved Help Save & Exit Submit Check my work Problem 9-11 (Static) Dollar-value LIFO retail [LO9-5) 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: 10 points Skipped 2021 2022 Retail Cost Retail Cost Beginning inventory Net purchases Freight-in Net markupa $28,000 40,000 10B,000 $90,000 $114,000 2,500 85,000 2,000 10,000 8,000 eBook Net markdowns 2,000 2,200 104,000 4,000 Net sales to customere 100,000 Salea to employeea (net of 20 diacount) Price Index 2,400 Print January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.06 1.10 References Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 2021 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold LO

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Answer 1

	2018			2019
Particulars	Cost	Retail	Cost to Retail ratio	Cost	Retail	Cost to Retail ratio
Beginning Inventory	$ 28000	$   40000		$ 31680	$ 53000
Purchases	$ 85000	$ 108000		$ 90000	$ 114000
Freight -in	$   2000			$ 2500
Net Markup		$ 10000			$ 8000
Net Markdown		-$ 2000			-$ 2200
Excluding Beginning Inventory	$ 87000	$ 116000		$ 92500	$ 119800
Goods Available	$ 115000	$ 156000		$ 124180	$ 172800
Less: Net sales		$ 103000			$ 109000
Ending Inventory	$ 31680	$ 53000		$ 37348	$ 63800
Estimated Cost of Goods Sold	$ 83320			$ 86832