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