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44 Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail inventory method to
44
Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available: Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retall prices during the period. Note: Round rotio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34% ). Enter amounts to be deducted with a minus sign Step by Step Solution
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