| On January 1, 2013, HGC Camera Store adopted the dollar value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2013 and 2014 are as follows: Don't use plagiarized sources. Get Your Custom Essay on dollar value lifo retail inventory method 423730 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page |
| 2013 | 2014 | |||||||||||
| | | |||||||||||
| Cost | Retail | Cost | Retail | |||||||||
| Beginning inventory | $ | 49,000 | $ | 70,000 | ||||||||
| Net purchases | 99,250 | 123,000 | 105,764 | 129,700 | ||||||||
| Freight in | 3,500 | 4,000 | ||||||||||
| Net markups | 17,500 | 11,000 | ||||||||||
| Net markdowns | 3,500 | 3,700 | ||||||||||
| Net sales to customers | 124,460 | 116,240 | ||||||||||
| Sales to employees (net of 20% discount) | 2,800 | 6,400 | ||||||||||
| Price Index: | ||||||||||||
| January 1, 2013 | 1.00 | |||||||||||
| December 31, 2013 | 1.04 | |||||||||||
| December 31, 2014 | 1.08 | |||||||||||
| | ||||||||||||
| Required: |
| Estimate the 2013 and 2014 ending inventory and cost of goods sold using the dollar value LIFO retail inventory method. |
| 2013 2014 |
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated COGS
Dollar Value LIFO retail inventory method
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