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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