Business, 22.04.2021 19:40 ZenmasterZack

On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $49,000 $ 70,000 99,250 123,000 $105,764 $129,700 3,500 4,000 17,500 11,000 3,500 3,700 124,460 116,240 2,800 6,400 1.00 1.04 1.08
Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.)
2021 2022
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold

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On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventor...

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