Dollar-value lifo retailon january 1 2011 the granma hat

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Reference no: EM13379826

Dollar-Value LIFO retail

On January 1, 2011, The Granma Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2011:

Cost Retail

Beginning inventory $71,280 $132,000

Net Purchases 112,500 255,000

Net markups 6,000

Net markdowns 11,000

Net Sales 232,000

Retail price index, 12/31/11 1.04

Required:

Calculate the estimated ending inventory and cost of goods sold for 2011.

Reference no: EM13379826

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