Solution-Estimate ending inventory and cost of goods sold

Estimate ending inventory and cost of goods sold

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Reference no: EM133163849

Question - 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	$34,500	$46,000
Net purchases	93,860	111,000	$106,834	$123,900
Freight-in	2,300		2,800
Net markups		11,500		8,600
Net markdowns		2,300		2,500
Net sales to customers		106,000		110,420
Sales to employees (net of 20% discount)		2,800		4,480
Price Index:
January 1, 2021				1.00
December 31, 2021				1.08
December 31, 2022				1.14

Required - Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.

Reference no: EM133163849

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Estimate ending inventory and cost of goods sold

Reference no: EM133163849

Reference no: EM133163849

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