On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory...
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On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 56,000 $ 80,000 Net purchases 104,000 128,000 $ 109,695 $ 134,200 Freight-in 4,000 4,500 Net markups 20,000 12,000 Net markdowns 4,000 4,200 Net sales to customers 129,465 121,260 Sales to employees (net of 20% discount) 2,700 4,400 Price Index: January 1, 2021 1.00 December 31, 2021 1.06 December 31, 2022 1.12 Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.)
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