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On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory...

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Accounting

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On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows: 2016 2017 Cost Retail Cost Retail Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: $28,000 40,000 85,000 108,000 $90,000 114,000 2,000 2,500 10,000 2,000 100,000 2,400 8,000 2,200 104,000 4,000 January 1, 2016 December 31, 2016 December 31, 2017 1.00 1.06 1.10 Required: Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Round your cost-to-retail percentage calculation to 2 decimal places.) 2016 2017 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold

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