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On January 1, 2016, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The...

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Question

Accounting

On January 1, 2016, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2016:

Cost Retail
Beginning inventory $ 78,660 $ 138,000
Net purchases 102,800 261,000
Net markups 8,000
Net markdowns 12,000
Net sales 224,000
Retail price index, 12/31/16 1.20

Required:

Calculate the estimated ending inventory and cost of goods sold for 2016.
Ending inventory at retail
Ending inventory at cost
Cost of goods sold

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