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Problem 9-9 Dollar-value LIFO retail [LO9-5] On January 1, 2013, HGC Camera Store adopted the...

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Accounting

Problem 9-9 Dollar-value LIFO retail [LO9-5]

On January 1, 2013, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2013 and 2014 are as follows:

2013 2014

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2013 2103 2014 2014

Cost Retail Cost Retail

Beginning inventory $42,000 $ 60,000

Net purchases 94,500 118,000 108,108 133,200

Freight-in 3,000 3,500

Net markups 15,000 10,000

Net markdowns 3,000 3,200

Net sales to customers 117,360 119,890

Sales to employees (net of 10% discount) 3,600 6,300

Price Index:

January 1, 2013 1.00

December 31, 2013 1.04

December 31, 2014 1.09

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Required:

Estimate the 2013 and 2014 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.

Estimated ending inventory at retail (2013)

estimated ending inventory at cost (2013)

Estimated ending inventory at retail(2014)

Estimated ending inventory at cost (2014)

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