1. Cost-to-retail percentage= 32,000/40,000 = 80%
2
2021 | |||
Ending Inventory at Year-end Retail Prices | Step 1- Ending Inventory at Base Year Retail Prices | Step 2 : Inventory Layers at Base Year Retail Prices | Step 3- Inventory Layers Converted to Cost |
52,000.00 | 41,600.00 | 40,000.00 | 1.00 × 80 % = 32,000 |
1,600.00 | 1.25 x 84% = 1,680 | ||
Total ending inventory at dollar-value LIFO retail cost | 33,680.00 |
2022 | |||
Ending Inventoryat Year-end Retail Prices | Step 1- Ending Inventory at Base Year Retail Prices | Step 2 : Inventory Layers at Base Year Retail Prices | Step 3- Inventory Layers Converted to Cost |
58,500.00 | 45,000.00 | 40,000.00 | 1.00 × 80 % = 32,000 |
1,600.00 | 1.25 x 84% = 1,680 | ||
3,400.00 | 1.30 x 85% = 3,757 | ||
Total ending inventory at dollar-value LIFO retail cost | 37,437.00 |
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the...
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $21,000 and its retail value was $30,000. Information for 2021 and 2022 is as follows: Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $21,000 and its retail value was $30,000. Information for 2021 and 2022 is as follows: Ending Inventory at Retail...
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $18,000 and its retail value was $24,000. Information for 2021 and 2022 is as follows: Ending Inventory at Retail Retail Price Index Cost-to-Retail Percentage Date 12/31/2021 $ 39,000 1.30 77 % 12/31/2022 $ 50,000 1.60 80 % Required: Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. Calculate the...
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...
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: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $ 58,500 $ 78,000 110,180 127,000 $115,808 $133,100 3,900 4,400 19,500 11,800...
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: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 57,000 $ 76,000 Net purchases 109,160 126,000 $ 115,150 $ 132,400 Freight-in 3,800 4,300 Net markups 19,000 11,600 Net markdowns 3,800 4,000 Net sales to customers 124,460 120,440 Sales to employees (net of 10% discount) 4,500 5,850 Price Index: January...
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: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 37,700 $ 58,000 Net purchases 87,120 117,000 $ 93,886 $ 123,300 Freight-in 2,900 3,400 Net markups 14,500 9,800 Net markdowns 2,900 3,100 Net sales to customers 115,790 112,000 Sales to employees (net of 20% discount) 3,400 5,440 Price Index: January...
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: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $46,200 $ 66,000 97,350 121,000 $111,998 $137,900 3,300 3,800 16,500 10,600 3,300...
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: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $28,000 $ 40,000 85,000 108,000 $90,000 $114,000 2,000 2,500 10,000 8,000 2,000...
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: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $ 48,000 $ 64,000 103,040 120,000 $115,150 $133,000 3,200 3,700 16,000 10,400...
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: 2021 2022 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...