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 $39,000 $ 52,000 96,920 2,600 2022 Cost Retail 114,000 $102,775 $118,600 3,100 2022 13,000 2,600 111,010 2,200 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.) 9, 200 2,800 108,840 4,960 1.00 1.08 1.10
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 $39,000 $ 52,000 96,920 2,600 2022 Cost Retail 114,000 $102,775 $118,600 3,100 2022 13,000 2,600 111,010 2,200 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.) 9, 200 2,800 108,840 4,960 1.00 1.08 1.10
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, 2022
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold
2021
2021
Cost Retail
$39,000 $ 52,000
96,920 114,000 $102,775 $118,600
2,600
3,100
2022
13,000
2,600
111,010
2,200
2022
Cost
Retail
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.)
9,200
2,800
108,840
4,960
1.00
1.08
1.10](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd0eb9809-da38-499f-be14-e45bbb5daf87%2Fd9cb6739-403a-424a-ac18-11cf1bc82d6d%2Fupdwnu_processed.png&w=3840&q=75)
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, 2022
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold
2021
2021
Cost Retail
$39,000 $ 52,000
96,920 114,000 $102,775 $118,600
2,600
3,100
2022
13,000
2,600
111,010
2,200
2022
Cost
Retail
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.)
9,200
2,800
108,840
4,960
1.00
1.08
1.10
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