Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Cost Retail Merchandise inventory, January 1, 2021 $ 361,760 $ 560,000 Net purchases 685,832 1,026,000 Net markups 14,600 Net markdowns 4,600 Net sales 683,000 Pertinent retail price indexes: January 1, 2021 1.00 December 31, 2021 1.10 Required: Estimate the ending inventory for December 31, 2021. (Round "Cost-to-retail percentage" to 2 decimal places.) Estimated ending inventory (At Retail) Estimated ending inventory (At Cost)
Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Cost Retail Merchandise inventory, January 1, 2021 $ 361,760 $ 560,000 Net purchases 685,832 1,026,000 Net markups 14,600 Net markdowns 4,600 Net sales 683,000 Pertinent retail price indexes: January 1, 2021 1.00 December 31, 2021 1.10 Required: Estimate the ending inventory for December 31, 2021. (Round "Cost-to-retail percentage" to 2 decimal places.) Estimated ending inventory (At Retail) Estimated ending inventory (At Cost)
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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Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records:
| Cost | Retail | |||||
| Merchandise inventory, January 1, 2021 | $ | 361,760 | $ | 560,000 | ||
| Net purchases | 685,832 | 1,026,000 | ||||
| Net markups | 14,600 | |||||
| Net markdowns | 4,600 | |||||
| Net sales | 683,000 | |||||
| Pertinent retail price indexes: | ||||||
| January 1, 2021 | 1.00 | |||||
| December 31, 2021 | 1.10 | |||||
Required:
Estimate the ending inventory for December 31, 2021. (Round "Cost-to-retail percentage" to 2 decimal places.)
|
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