Coastal Shores Inc. (CSI)
Coastal Shores Inc. (CSI) was completely destroyed by Hurricane Fred on August 5,
     2013. At January 1, CSI reported an inventory of $170,000. Sales from January 1,
     2013, to August 5, 2013, totaled $480,000 and purchases totaled $195,000 during
     that time. CSI normally shows a gross profit percentage of 40%. The estimated
     inventory loss due to Hurricane Fred would be: Hint: $77,000
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Harlequin Co. has used the LIFO retail method since it began
     operations in early 2015 (its base year). Its beginning inventory for 2016 was
     $36,000 at cost and $72,000 at retail prices. At the end of 2016, it computed its
     estimated ending inventory at retail to be $120,000. Assuming its cost-to-retail
     percentage for 2016 transactions was 60%, what is the inventory balance that
     Harlequin Co. would report in its 12/31/16 balance sheet? Hint: $64,800
Using the data from #13 assume Harlequin uses the dollar-value LIFO retail
      method instead and that the retail price index for 2016 was 1.20. What is the
      inventory balance that Harlequin would report in its 12/31/16 balance sheet?
       Hint: $56,160
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Answers
Status NEW
Posted 11 Jul 2017 05:07 AM
My Price 5.00
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