80.2K

Verified Solution

Link Copied!

Required Information [The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retall method for the year ended December 31, 2022. Avallable Information follows: a. The Inventory at January 1,2022 , had a retall value of $50,000 and a cost of $36,200 based on the conventional retall method. b. Transactions during 2022 were as follows: Sales to employees are recorded net of discounts. c. The retall value of the December 31,2023 , Inventory was $104,325, the cost-to-retall percentage for 2023 under the LIFO retall method was 70%, and the approprlate price index was 107% of the January 1,2023 , price level. d. The retall value of the December 31,2024 , Inventory was $53,350, the cost-to-retall percentage for 2024 under the LIFO retall method was 69%, and the appropriate price Index was 110% of the January 1,2023 , price level. Required: 1. Estimate ending Inventory for 2022 using the conventional retall method. Note: Amounts to be deducted should be indicated with a minus sign. Round your cost-to-retall percentage calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34) and final answers to the nearest whole dollar. Required: 1. Estimate ending inventory for 2022 using the conventional retall method. Note: Amounts to be deducted should be Indlcated with a minus sign. Round your cost-to-retall percentage calculatlon to 2 decimal places (I.e., 0.1234 should be entered as 12.34 ) and flnal answers to the nearest whole dollar. Requlred: 2. Estimate ending Inventory for 2022 assuming Raleigh Department Store used the LIFO retall method. Note: Amounts to be deducted should be indlcated with a minus sign. Round your cost-to-retall percentage calculation to 2 decimal places (I.e., 0.1234 should be entered as 12.34 ) and final answers to the nearest whole dollar. Requlred: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retall method on January 1, 2023. Estimate ending Inventory for 2023 and 2024. Note: Round your cost-to-retall percentage calculatlon to 2 declmal places (l.e., 0.1234 should be entered as 12.34) and flnal answers to the nearest whole dollar

Answer & Explanation Solved by verified expert

See Answer