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please don't just answe r but explain how to solve as the formula I was given does not seem to be working and not sure
please don't just answe
r but explain how to solve as the formula I was given does not seem to be working and not sure what step I am doing wrong.
Exercise 9-15 (Algo) Retall Inventory method: LIFO (LO9-3) 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 cust sisel, 620 874, 83 Beginning inventory Nel purchases Nel markups Nel markdowns Net sales Retail S 450.000 1,134.300 12.00 GBD 1, 118, 800 Required: Complete the table below to estimate the LIFO cast 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 (L.e., 0.1224 should be entered as 1234%.). Enter amounts to be deducted with a minus sign.) * Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio IS 5 350.000 874 000 Beginning inventory Net purchases Net markups Net markdowns Goods available for sale (excluding beg, inventory) Goods available for sale (including beg. inventory 08 0 874.000 1.224,000 450.000 1.134.000 22.000 8.000 1.150.000 11.600.000 Cost-to-reta percentage (beginning) Cost-10-retail percentage (current) 77.78 76.000 Net sales Estimated ending inventory at retail Estimated ending Inventory at cost Estimated cost of goods sold 11110,000 400.000 $ 241.990 X 882,010 % ISStep by Step Solution
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