Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.
On January 1, 2016, ABC Company adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows:
2016
2017
Cost
Retail
Cost
Retail
Beginning inventory
$28,000
$ 40,000
Net purchases
85,000
108,000
$90,000
$114,000
Freight-in
2,000
2,500
Net markups
10,000
8,000
Net markdowns
2,000
2,200
Net sales to customers
100,000
104,000
Price Index:
January 1, 2016
1.00
December 31, 2016
1.06
December 31, 2017
1.10
Required:
Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.
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