PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU!
Homework Answers
| Particulars | Cost | Retail |
| Beginning inventory | 80460 | 149000 |
| Plus: Net Purchases | 117450 | 269000 |
| Net Markup | 7000 | |
| Less: Mark Down | (15000) | |
| Goods Available For Sale (Excluding Beginning Inventory) | 117450 | 261000 |
| Goods Available For Sale (Including Beginning Inventory) | 197910 | 410000 |
| Base year cost-to retail % (80460/149000) | 54% | |
| 2011 cost-to retail %(117450/261000) | 45% | |
| Less Net Sales | (254000) | |
| Estimated Ending Inventory at current year retail Prices | 156000 | |
| Estimated Ending Inventory at Cost | 80910 | |
| Estimated Cost of Goods Sold | 197910-80910 = $117000 |
| Step1 | Step 2 | Step 3 | |
| Estimated Ending Inventory at year end retail price | Estimated Ending Inventory at base year Retail price | Inventory Layers At Base Year Retail Prices | Inventory Layers converted to cost |
| 156000 | 150000 | 149000 | `149000*54% = 80460 |
| (156000/1.04) | 1000 | 1000*45% = 450 | |
| Total Ending Inventory | $80910 | ||
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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! On January 1, 2021, the Brunswick Hat Company adopted th...
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2021 Cost Retail $ 81,400 $140,000 101,200 261,000 6,000 14.000 233,000 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) 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 $ 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, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2021 Cost Retail $ 80,640 $ 144,000 131,580 267,000 8,000 12,000 227,000 1.29 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) s 180.000 Ending inventory at retail Ending inventory at cost Cost...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! On January 1, 2021, HGC Camera Store adopted the dollar...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
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 Retail Retail Cost Cost Beginning inventory Net purchases Freight-in Net markups 51,800 74,000 101,150 3,700 125,000 $107,532 $131,70e 4,200 18,500 3,700 125,250 3,000 11,400 3,900 118,800 6,720 Net markdowns Net sales to customers Sales to...
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
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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 $ 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, 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 $ 82,600 $ 140,000 119,500 247,000 4,000 12,000 217,000 1.08 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
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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 $ 78,300 $ 145,000 Net purchases 111,150 251,000 Net markups 9,000 Net markdowns 13,000 Net sales 230,000 Retail price index, 12/31/18 1.08 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...
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, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2021 Cost Retail $ 81,400 $140,000 101,200 261,000 6,000 14.000 233,000 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Ending inventory at retail Ending inventory at cost Cost of goods sold
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2021 Cost Retail $ 80,640 $ 144,000 131,580 267,000 8,000 12,000 227,000 1.29 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) s 180.000 Ending inventory at retail Ending inventory at cost Cost...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
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 Retail Retail Cost Cost Beginning inventory Net purchases Freight-in Net markups 51,800 74,000 101,150 3,700 125,000 $107,532 $131,70e 4,200 18,500 3,700 125,250 3,000 11,400 3,900 118,800 6,720 Net markdowns Net sales to customers Sales to...
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 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: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/18 Cost Retail $ 82,600 $ 140,000 119,500 247,000 4,000 12,000 217,000 1.08 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
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