![12 Brief Exercise 9-12 Dollar-value LIFO retail [LO9-5] On January 1, 2018, Sanderson Variety Store adopted the dollar-value](http://img.homeworklib.com/questions/d9faca20-73ba-11ea-ac45-bfb98e55a7c6.png?x-oss-process=image/resize,w_560)
Homework Answers
Dollar-value LIFO method:
| Cost | Retail | Cost to Retail Ratio | |
| Beginning inventory | $57,200 | $88,000 | |
| Add: Net Purchases | $231,840 | $370,000 | |
| Add: Net Markups | $8,000 | ||
| Less: Net Markdowns | ($10,000) | ||
| Goods available for sale (by not considering the beginning inventory) | $231,840 | $368,000 | |
| Goods available for sale (by considering the beginning inventory) | $289,040 | $456,000 | |
| Cost to retail ratio on base layer ($57,200/$88,000*100) | 65% | ||
| Cost to retail ratio on normal layer ($231,840/$368,000*100) | 63% | ||
| Less: Net Sales | ($347,000) | ||
| Ending inventory at retail | $109,000 | ||
| Inventory at cost layer ($88,000*65/100) | $57,200 | ||
| Add: Ending inventory at cost [$109,0000/1.04 = 104,808 - $88,000 = $16,808*1.04*63/100) | $11,013 | ||
| Ending inventory at cost under dollar-value LIFO method | $68,213 |
Add Answer to:
12 Brief Exercise 9-12 Dollar-value LIFO retail [LO9-5] On January 1, 2018, Sanderson Variety Store adopted...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 8.33 points Skipped Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 47,850 $ 87,000 192,390 365,000 7,000 9,000 342,000 1.04 eBook Print References During 2022, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and...
HELP PLEASE DUE IN 3 HOURS !!! On January 1, 2018, Sanderson Variety Store adopted the...
HELP PLEASE DUE IN 3 HOURS !!! On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Cost Retail Beginning inventory $ 47,850 $ 87,000 Net purchases 192,390 365,000 Net markups 7,000 Net markdowns 9,000 Net sales 342,000 Retail price index, end of year 1.04 During 2019, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000,...
11 Exercise 9-22 Dollar-value LIFO retail; solving for unknowns [LO9-5] Bosco Company adopted the dollar-value LIFO...
11 Exercise 9-22 Dollar-value LIFO retail; solving for unknowns [LO9-5] 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: 1.3 polnts Required: Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12%).) eBook Inventory Cost-to-Retail Retail Print Date Retail Cost Price Index Percentage 70% Inventory, 1/1/2018 Inventory, 12/31/2018 2019 net purchases 21,000 $ 30,000...
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inven...
PLEASE SHOW ALL WORK
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Cost Retail Beginning inventory Net purchases Freight-in Net markups Net markdown:s Net sales to customers sales to employees (net of 20% discount) Price Index: 串56,000 80,000 104,000 128,000 $109,695 $134,200 4,000 4,500 20,000 4,000 129,465 2,700 12,000 4,200 121,260 4,400 January...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
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...
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, 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...
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are avail...
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, 460 $ 149,000 Net purchases 117,450 269,000 Net markups 7,000 Net markdowns 15,000 Net sales 254,000 Retail price index, 12/31/18 1.04 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 73,150 $ 133,000 Beginning inventory Net purchases Net markups 113,400 257,000 8,000 13,000 Net markdowns Net sales 224,000 1.12 Retail price index, 12/31/18 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 161,000 X X
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 $ 73,150 $ 133,000 Net purchases 113,400 257,000 Net markups 8,000 Net markdowns 13,000 Net sales 224,000 Retail price index, 12/31/18 1.12 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, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 8.33 points Skipped Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 47,850 $ 87,000 192,390 365,000 7,000 9,000 342,000 1.04 eBook Print References During 2022, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and...
11 Exercise 9-22 Dollar-value LIFO retail; solving for unknowns [LO9-5] 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: 1.3 polnts Required: Determine the missing data. (Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12%).) eBook Inventory Cost-to-Retail Retail Print Date Retail Cost Price Index Percentage 70% Inventory, 1/1/2018 Inventory, 12/31/2018 2019 net purchases 21,000 $ 30,000...
PLEASE SHOW ALL WORK
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Cost Retail Beginning inventory Net purchases Freight-in Net markups Net markdown:s Net sales to customers sales to employees (net of 20% discount) Price Index: 串56,000 80,000 104,000 128,000 $109,695 $134,200 4,000 4,500 20,000 4,000 129,465 2,700 12,000 4,200 121,260 4,400 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 $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, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018: Cost Retail Beginning inventory $ 80, 460 $ 149,000 Net purchases 117,450 269,000 Net markups 7,000 Net markdowns 15,000 Net sales 254,000 Retail price index, 12/31/18 1.04 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 73,150 $ 133,000 Beginning inventory Net purchases Net markups 113,400 257,000 8,000 13,000 Net markdowns Net sales 224,000 1.12 Retail price index, 12/31/18 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 161,000 X X
Most questions answered within 3 hours.
-
1. In eukaryotic cells the genomes of
&
asked 2 minutes ago -
The standard enthalpy of propanol (C3H7OH) is -303.0 kJ/mol.
Compute both of the
gross and net...
asked 1 minute ago -
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 2 minutes ago -
Why PWM using H-bridge for control motor speed is more power
effiecient than the linear amplifier...
asked 16 minutes ago -
In 1999, Carly Fiorina famously said,"I hope that we are at a
point that everyone is...
asked 19 minutes ago -
Individuals in a species of moth vary in wing color from white to
black, but all...
asked 32 minutes ago -
The following standards for variable manufacturing overhead have
been established for a company that makes only...
asked 43 minutes ago -
The United States government wanted to determine what proportion
of Americans approve of the current president,...
asked 58 minutes ago -
2-N stone is dropped from the top of a cliff. The stone hits the
ground 3...
asked 58 minutes ago -
Vitamins participate in metabolic reactions in their coenzyme
forms . Match the following reactions to the respective...
asked 1 hour ago -
We have developed a new mobile device and wish to gain insight
into the price that...
asked 1 hour ago -
12.8 ml of a solution is run into an empty flask, from a buret.
The mass...
asked 1 hour ago