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 $ 78,660 $138,000 102,800 261,000 8,000 12,000 224,000 1.20

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 $ 78,660 $138,000 102,800 261,000 8,000 12,000 224,000 1.20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below is information related to Langston Hughes Corporation. Price 0Index0 LIFO 0Cost0 0Retail0 Inventory on December 31, 2020, when dollar-value LIFO is adopted 100 $36,000 $ 74,500 Inventory, December 31, 2021 110 ? 0100,100 Instructions Compute the ending inventory under the dollar-value LIFO method at December 31, 2021. The cost-to-retail ratio for 2021 was 60%.
On January 1 20201 The Brunswick Hat Company adopted the dollar value LIFO retail method. The following data are avaliable for 2021 Cost Beginning inventory $ 71,280 $ 132,000 Net purchases 112,500 255,000 Net markups 6,000 Net markdowns 11,000 Net sales 232,000 Retail price index, 12/31/2021 1.04 Calculate: Ending Inventory at retail Ending Inventory at cost Cost of Goods Sold
E8.12 (LO 3) (FIFO, LIFO, Average-Cost Inventory) Shania Twain Company was formed onDecember 1, 2019. The following information is available from Twain’s inventory records for Product BAP. Units Unit CostJanuary 1, 2020 (beginning inventory) 600 $ 8.00Purchases:January 5, 2020 1,200 9.00January 25, 2020 1,300 10.00February 16, 2020 800 11.00March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand.InstructionsPrepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods.a. FIFO b. LIFO. c. Weighted-average (round unit costs to two decimal places)
Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the 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 $ 162,500 $ 250,000 Purchases 800,000 1,084,000 $ 680,000 $ 1,063,000 Purchase returns 7,000 12,150 2,000 4,300 Freight-in 12,500 2,000 Net markups 6,900 11,800 Net markdowns 4,750 8,000 Net sales to customers 950,000 722,000 Sales to employees (net of 25% discount) 22,500 22,500 Normal spoilage 4,200 6,900 Price Index: January 1, 2021 1.00…
13. On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows: Date Ending Inventoryat Year-End Costs Cost Index 12/31/2021 $ 436,800 1.04 12/31/2022 487,200 1.12 12/31/2023 518,500 1.22 Required:Calculate Taylor's ending inventory for 2021, 2022, and 2023.
27.Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail? a. 258,265 b. 250,866 c. 368,950 d. 250,886
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On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Cost Retail Beginning inventory $ 78,880 $ 136,000 Net purchases 119,040 256,000 Net markups 6,000 Net markdowns 14,000 Net sales 230,000 Retail price index, 12/31/2021 1.10 Required:Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Answer is not complete. Ending inventory at retail $159,000selected answer incorrect Ending inventory at cost not attempted Cost of goods sold
canova corporation adopted the dollar value LIFO retail method on janurary 1, 2024. on that date, the cost of inventory on hand was $21000 and its retail value was $28,000. information for 2024 and 2025 is as follows 12/31/2024 ending inventory at retail $39000, retail price index 1.30, cost to retail % 78% 12/31/2025 ending inventory at retail $48000, price index 1.50, cost to retail % 79% required 1 what is the cost to retail percentage for the inventory on hand 1/1/2024 2. calculate the inventory value at the end of 2024 and 2025 using the dollar value LIFO retail method
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solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Cost RetailBeginning inventory $ 71,280 $ 132,000Net purchases 112,500 255,000Net markups 6,000Net markdowns 11,000Net sales 232,000Retail price index, 12/31/2021 1.04 Required:Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided.