Question
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
- 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 for the three months ending March 31, 2021:
|
| Cost | Retail |
| Beginning inventory | $270,000 | $366,000 |
| Net purchases | 672,000 | 939,000 |
| Net markups |
| 24,000 |
| Net Markdowns |
| 3,000 |
| Net sales |
| 920,000 |
|
|
|
|
Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 2021, using the information provided. Assume stable retail prices during the period. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%)
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Study Guide To Accompany Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
10th Canadian Edition
1118300866, 978-1118300862
