On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory...
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On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows 2018 2019 Cost Retail Cost Retail Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: $34,500 $ 46,000 93,860 111,000 $106,834 $123,900 2,300 2,800 11,500 2,300 106,000 2,800 8,600 2,500 110,420 4,480 anuary 1, 2018 December 31, 2018 December 31, 2019 1.00 1.08 1.14 Required Estimate the 2018 and 2019 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 calculations to 2 decimal places and final answers to the nearest whole dollar.) 2018 2019 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 56,700
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