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On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The...

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Accounting

On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018:

Cost Retail
Beginning inventory $ 81,400 $ 148,000
Net purchases 101,200 261,000
Net markups 6,000
Net markdowns 14,000
Net sales 233,000
Retail price index, 12/31/18 1.05

Required: Calculate the estimated ending inventory and cost of goods sold for 2018.

On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018:

Cost Retail
Beginning inventory $ 81,400 $ 148,000
Net purchases 101,200 261,000
Net markups 6,000
Net markdowns 14,000
Net sales 233,000
Retail price index, 12/31/18 1.05

Required: Calculate the estimated ending inventory and cost of goods sold for 2018.

Ending inventory at retail

Ending inventory at cost

Cost of Goods Sold

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