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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 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost Retail Cost Retail $49,000 $70,000 99,250 123,000 $105,764 $129,700 3,500 4,000 2022 2022 17,500 3,500 124,460 2,800 11,000 3,700 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-retall percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 116, 240 6,400 1.00 1.04 1.08

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 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost Retail Cost Retail $49,000 $70,000 99,250 123,000 $105,764 $129,700 3,500 4,000 2022 2022 17,500 3,500 124,460 2,800 11,000 3,700 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-retall percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 116, 240 6,400 1.00 1.04 1.08

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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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, 2822 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost Retail $49,000 $70,000 99,250 3,500 2022 Cost Retail 123,000 $105,764 $129,700 4,000 2822 17,500 3,500 124,460 2,800 11,000 3,700 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-retall percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 116,240 6,400 1.00 1.04 1.08
Transcribed Image Text: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, 2822 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost Retail $49,000 $70,000 99,250 3,500 2022 Cost Retail 123,000 $105,764 $129,700 4,000 2822 17,500 3,500 124,460 2,800 11,000 3,700 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-retall percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 116,240 6,400 1.00 1.04 1.08
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