On January HGC Camera Store adopted the dollarvalue LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for and are as follows:On January HGC Camera Store adopted the dollarvalue LIFO retail inventory method. Inventory transactions at
both cost and retail, and cost indexes for and are as follows:
Required:
Estimate the and ending inventory and cost of goods sold using the dollarvalue LIFO retail inventory
method.
Note: Do not round other intermediate calculations. Round your costtoretail percentage calculation to decimal
places and final answers to the nearest whole dollar.
Cost Retail Cost Retail
Beginning inventory $ $
Net purchases $ $
Freightin
Net markups
Net markdowns
Net sales to customers
Sales to employees net of discount
Price Index:
January
December
December
Required:
Estimate the and ending inventory and cost of goods sold using the dollarvalue LIFO retail inventory method.
