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:

                                                                                               ? Cost                                          Retail

Beginning inventory                                                        $ $190,000$                                     ?$ $290,000$

Net purchases $\mathrm{ \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; \; 6}60,000865,000$

Net markups                                                                                                                   $20,000$

Net markdowns                                                                                                                    $5,000$

Net sales                                                                                                                        $836,000$

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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. Beginning inventory Net purchases Net markups Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Answer is not complete. Cost-to-Retail Cost Retail Ratio $ 190,000 $ 290,000 660,000 865,000 20,000 (5,000) 660,000 880,000 850,000 1,170,000 65.52 % 75.00 % (836,000) $ 334,000 (46,008) X 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. Beginning inventory Net purchases Net markups Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Answer is not complete. Cost-to-Retail Cost Retail Ratio $ 190,000 $ 290,000 660,000 865,000 20,000 (5,000) 660,000 880,000 850,000 1,170,000 65.52 % 75.00 % (836,000) $ 334,000 (46,008) X