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E-9-19 Dollar-value LIFO retail
On January 1, 2011, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2011:
Cost Retail
Beginning inventory $ 71,280 $ 132,000
Net purchases 112.500 255,000
Net markups 6,000
Net markdowns 11,000
Net sales 232,000
Retail price index, 12/31/11 1.04
Required:
Calculate the estimated ending inventory and cost of goods sold for 2011
E 9-21 Dollar value LIFO retail
Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information:
Cost Retail
Merchandise inventory, January 1, 2011 $ 160,000 $ 250,000
Net purchases 350,200 510,000
Net markups 7,000
Net markdowns 2,000
Net Sales 380,000
Pertinent retail price indexes are as follows:
January 1, 2011 1.00
December 31, 2011 1.10
Required:
Determine ending inventory and cost of goods sold.
P 9-1 Lower of cost or market
Decker Company has five products in its inventory. Information about the De3cember 31, 2011, inventory as follows:
Product Quantity Unit Cost Unit replacement Unit Selling
Cost Price
A 1,000 $ 10 $ 12 $ 16
B 800 15 11 18
C 600 3 2 8
D 200 7 4 6
E 600 14 12 13
The selling cost for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 40 percent of the selling price.
Required:
1. Determine the balance sheet inventory carrying value at December 31, 2011, assuming the LCM rule is applied to individual products.
2. Determine the balance sheet inventory carrying value at December 31, 2011, assuming the LCM rule is applied to the entire inventory. Also assuming that Decker recognizes an inventory write-down as a separate income statement item, determine the amount of the loss.
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