Question

On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records...

On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:

Cost Retail
Beginning inventory $ 53,250 $ 71,000
Net purchases 206,590 285,000
Net markups 9,000
Net markdowns 11,000
Net sales 268,000
Retail price index, end of year 1.04



During 2019, purchases at cost and retail were $233,135 and $333,050, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and $295,000, respectively. The retail price index at the end of 2019 was 1.07.

Estimate ending inventory in 2019 using the dollar-value LIFO retail method.

Ending inventory=

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

​​​​​​ Begining inventory for 2019 is calculated in the following explanation

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records...
On January 1, 2018, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Cost Retail Beginning inventory $ 52,500 $ 75,000 Net purchases 206,040 305,000 Net markups 7,000 Net markdowns 9,000 Net sales 282,000 Retail price index, end of year 1.04 Estimate ending inventory using the dollar-value LIFO retail method.
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory...
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $110,000 and $292,950, respectively. Net purchases during the year at cost and at retail were $707,200 and $872,000, respectively. Markups during the year were $12,000. There were no markdowns. Net sales for 2021 were $866,150. The retail price index at the end of 2021 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2021...
On January 1, 2018, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
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 $ 73,500 $ 147,000 Net purchases 106,400 271,000 Net markups 5,000 Net markdowns 10,000 Net sales 245,000 Retail price index, 12/31/18 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2018. 1. ending inventory at retail 2. ending inventory at cost 3. cost of goods sold
Dollar-Value LIFO Retail Johns Company adopts the dollar-value LIFO retail inventory method on January 1, 2016....
Dollar-Value LIFO Retail Johns Company adopts the dollar-value LIFO retail inventory method on January 1, 2016. The following information for 2016 is obtained from Johns' records: Cost Retail Inventory, January 1, 2016 $20,000 $29,000 Purchases 60,000 92,000 Net additional markups — 1,000 Net markdowns — 3,000 Sales — 75,000 The price index on January 1, 2016, was 100, and on December 31, 2016, it was 110. Required: Compute the cost of the inventory on December 31, 2016. Round the cost-to-retail...
Bragg adopted the dollar-value LIFO retail inventory method on January 1, 2016. The following information for...
Bragg adopted the dollar-value LIFO retail inventory method on January 1, 2016. The following information for 2016 was taken from the company's records: Cost Retail Sales $189,000 Net markups 6,000 Inventory, January 1, 2016 $ 21,000 30,000 Purchases 147,000 200,000 Net markdowns 10,700 The price index on January 1, 2016, was 100. On December 31, 2016, it was 110. Round cost/retail percentages to the nearest whole percent if necessary. Required: Compute the inventory value for December 31, 2016.
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory...
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $700,000. The 2018 and 2019 ending inventory valued at year-end costs were $741,000 and $819,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.05 for 2019. Required: Complete the below table to calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round "Year end cost index" to...
On January 1, 2018, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both...
On January 1, 2018, Pet Friendly Stores adopted the 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 $ 150,500 $ 215,000 Purchases 640,000 852,000 $ 735,000 $ 923,000 Purchase returns 2,700 5,650 3,500 5,475 Freight-in 6,800 5,000 Net markups 5,600 10,400 Net markdowns 4,450 7,300 Net sales to customers 560,000 708,000 Sales to employees (net of 20% discount) 20,000 20,000...
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory...
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $700,000. The 2018 and 2019 ending inventory valued at year-end costs were $741,000 and $819,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.05 for 2019. Required: Complete the below table to calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round "Year end cost index" to...
Exercise 1 (Blue Cow): On January 1, 2018, the Blue Cow Corporation adopted the dollarvalue LIFO...
Exercise 1 (Blue Cow): On January 1, 2018, the Blue Cow Corporation adopted the dollarvalue LIFO retail inventory method. Beginning inventory at cost and at retail were $180,000 and $278,250, respectively. Net purchases during the year at cost and at retail were $735,200 and $907,000, respectively. Markups during the year were $12,000. There were no markdowns. Net sales for 2018 were $866,500. The retail price index at the end of 2018 was 1.08. What is the inventory balance that Blue...
Potter Variety Store uses the LIFO retail inventory method. Information relating to the computation of the...
Potter Variety Store uses the LIFO retail inventory method. Information relating to the computation of the inventory at December 31, 2018, follows: Cost Retail Inventory, January 1, 2018 $146,000 $220,000 Purchases 480,000 700,000 Freight-in 80,000 Sales 750,000 Net markups 160,000 Net markdowns 60,000 Assuming that there was no change in the price index during the year, compute the inventory at December 31, 2018, using the LIFO retail inventory method. Inventory at December 31, 2018 $
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT