Homework Answers
Calculation of Ending Inventory at cost dollar-value ( LIFO
Retail Method)
Ending inventory at retail = $35,000 + $322,000 - $300,000 = $
57,000
| Cost to retail Ratio of purchase = ($180,000 / $322,000) * 100 = 55.90% | |
| Particulars | Inventory at Retail $ |
| Ending Inventory deflated ($57,000 * (100/110)) | $51,818 |
| Less: Beginning Inventory at cost | $20,000 |
| Inventory from the Purchases made during the year | $31,818 |
| Calculation of Inventory at cost using the dollar-value (LIFO Retail Method) | |
| Particulars | Inventory at Cost $ |
| Beginning Inventory (Being LIFO) | $20,000 |
| Inventory from purchases made during the year at cost ($31,818 * 55.90% * 110%) | $19,565 |
| Ending Inventory at Dollar-Value LIFO Retail Method (at Cost) | $39,565 |
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PLEASE SHOW ALL WORK
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Cost Retail Beginning inventory Net purchases Freight-in Net markups Net markdown:s Net sales to customers sales to employees (net of 20% discount) Price Index: 串56,000 80,000 104,000 128,000 $109,695 $134,200 4,000 4,500 20,000 4,000 129,465 2,700 12,000 4,200 121,260 4,400 January...
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory...
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $180,000 and $278,250, respectively. Net purchases during the year at cost and at retail were $735,200 and $907000, respectively. Markups during the year were $12,000. There were no markdowns. Net sales for 2021 were $866,500. The retail price index at the end of 2021 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2021...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 8.33 points Skipped Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 47,850 $ 87,000 192,390 365,000 7,000 9,000 342,000 1.04 eBook Print References During 2022, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
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 2021 2022 Cost Retail Cost Retail $46,200 $ 66,000 97,350 121,000 $111,998 $137,900 3,300 3,800 16,500 10,600 3,300...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
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 2021 2022 Cost Retail Cost Retail $28,000 $ 40,000 85,000 108,000 $90,000 $114,000 2,000 2,500 10,000 8,000 2,000...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
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: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 57,000 $ 76,000 Net purchases 109,160 126,000 $ 115,150 $ 132,400 Freight-in 3,800 4,300 Net markups 19,000 11,600 Net markdowns 3,800 4,000 Net sales to customers 124,460 120,440 Sales to employees (net of 10% discount) 4,500 5,850 Price Index: January...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
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On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at b...
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 2021 2022 Cost Retail Cost Retail $ 48,000 $ 64,000 103,040 120,000 $115,150 $133,000 3,200 3,700 16,000 10,400...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at b...
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 2021 2022 Cost Retail Cost Retail $ 58,500 $ 78,000 110,180 127,000 $115,808 $133,100 3,900 4,400 19,500 11,800...
Dollar-Value LIFO Retail The following information is obtained from Burger Company's records. Burger uses the dollar-value LIFO retail method. 2020 Purchases 2019 Cost Retail $202,400 $430,000 20,000 - 10,000 410,000 Cost $247,500 - - 2021 Cost Retail $240,100 $500,000 - 10,000 Retail $560,000 30,000 40,000 600,000 Net additional markups Net markdowns 20,000 Sales 450,000 The company adopted LIFO on January 1, 2019, when the cost and retail values of the inventory were $40,000 and $100,000, respectively. Burger experienced the following...
PLEASE SHOW ALL WORK
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Cost Retail Beginning inventory Net purchases Freight-in Net markups Net markdown:s Net sales to customers sales to employees (net of 20% discount) Price Index: 串56,000 80,000 104,000 128,000 $109,695 $134,200 4,000 4,500 20,000 4,000 129,465 2,700 12,000 4,200 121,260 4,400 January...
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $180,000 and $278,250, respectively. Net purchases during the year at cost and at retail were $735,200 and $907000, respectively. Markups during the year were $12,000. There were no markdowns. Net sales for 2021 were $866,500. The retail price index at the end of 2021 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2021...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 8.33 points Skipped Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 47,850 $ 87,000 192,390 365,000 7,000 9,000 342,000 1.04 eBook Print References During 2022, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and...
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 2021 2022 Cost Retail Cost Retail $46,200 $ 66,000 97,350 121,000 $111,998 $137,900 3,300 3,800 16,500 10,600 3,300...
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 2021 2022 Cost Retail Cost Retail $28,000 $ 40,000 85,000 108,000 $90,000 $114,000 2,000 2,500 10,000 8,000 2,000...
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 2021 2022 Cost Retail Cost Retail $ 48,000 $ 64,000 103,040 120,000 $115,150 $133,000 3,200 3,700 16,000 10,400...
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 2021 2022 Cost Retail Cost Retail $ 58,500 $ 78,000 110,180 127,000 $115,808 $133,100 3,900 4,400 19,500 11,800...
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