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Crosby Company owns a chain of hardware stores throughout the state Please help find the estimated ending inventory at cost and estimated cost of goods
Crosby Company owns a chain of hardware stores throughout the state
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 Fatal Beginning inventory $350,000 $ 450,000 it purchases 374,000 et markup 1,134,000 22,000 Net sarkdowns et sales 6,000 1,110,000 Required: 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%.). Enter amounts to be deducted with a minus sign.) Cont $ 350,000 $ 874 000 ES Beginning inventory Net purchases Net markup Netmarkdowns Goods available for sale (excluding beginventory) Goods available for sale including beginventory Cont-to-Retail Retail Ratio 450.000 1.134.000 22,000 (5,000) 1,150,000 1.600.000 874.000 1.224 000 Cost to retail percentage (beginning) Costoro percentage (current) 77 78 76 00196 Net als Estated ending inventory at retail Estimated ending inventory at cost hadded 5 1,110,000 400.000 Please help find the estimated ending inventory at cost and estimated cost of goods sold. The other boxes are correct.
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