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On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018:
| | Cost | Retail |
| Beginning inventory | $ | 81,400 | $ | 148,000 |
| Net purchases | | 101,200 | | 261,000 |
| Net markups | | | | 6,000 |
| Net markdowns | | | | 14,000 |
| Net sales | | | | 233,000 |
| Retail price index, 12/31/18 | | | | 1.05 |
| |
Required: Calculate the estimated ending inventory and cost of goods sold for 2018.
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2018:
| | Cost | Retail |
| Beginning inventory | $ | 81,400 | $ | 148,000 |
| Net purchases | | 101,200 | | 261,000 |
| Net markups | | | | 6,000 |
| Net markdowns | | | | 14,000 |
| Net sales | | | | 233,000 |
| Retail price index, 12/31/18 | | | | 1.05 |
| |
Required: Calculate the estimated ending inventory and cost of goods sold for 2018.
Ending inventory at retail
Ending inventory at cost
Cost of Goods Sold
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