Item 4

Item 4 3 points

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	$	260,000		$	365,000
Net purchases		760,000			934,000
Net markups					18,000
Net markdowns					2,000
Net sales					912,000

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.