Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2018, the brunswick hat company adop

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

90.2K

Verified Solution

Question

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Olsen Outfitters Inc. believes that its optimal capital structure consists of 50% common equity and 50%...

Finance
Q

Calculate the final concentration of each of the following diluted solutions. 0.50 L of a 4.0 M...

Chemistry
Q

Graph the following LP problem and indicate the optimal solution point: Maximize profit= $3X + 2Y...

Advance Math
Q

SE 7 How do the catabolite activator and lac repressor proteins contribute to regulating lac...

Biology
Q

3 If the rope forms a 57 angle with the ground what is the height...

Geometry
Q

This question: 1 point(s) possibleAssume that math test scores are normally distributed with a mean...

Basic Math
Q

State if the given functions are inverses 10 x 2 5 g x s x...

Calculus
Q

I know headquarters wants us to add that new product line, said Dell Havasi, manager...

Accounting
Q

What net sales are required to obtain a stock turn rate of 8 when the...

Accounting
Q

9. Taxes payable decreased by P10.2 Balance sheet information for a resort hotel reflects the...

Accounting
Q

1) In your own words, explain structure as it relates to decisions. 2) To be...

Accounting
Q

Pritchett Company reported the following year-end data: Compute the (a) current ratio and (b) acid-test...

Accounting