Do not give answer in image Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retailinventory method to estimate ending inventory and cost of goods sold. The following data are available for the three months endingMarch 31, 2021:Beginning inventoryNet purchasesNet markupsNet markdownsNet salesBeginning inventoryNet purchasesRequired: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.)Net markupsCost$210,000765,000Net markdownsGoods available for sale (excluding beg. inventory)Goods available for sale (including beg. inventory)Cost-to-retail percentage (beginning)Cost-to-retail percentage (current)Net salesEstimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods soldRetail$360,000888,00018,0006,000848,000$Cost210,000 $0210,000$Retail360,0000360,000360,000Cost-to-RetailRatio%%

In its simplest form, the cost of goods sold is the sum or price that the seller charges the…

Crosby Company owns a chain of hardware stores throughout the state. Th inventory method to estimate ending inventory and cost of goods sold. The March 31, 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $210,000 765,000 Retail $360,000 888,000 18,000 6,000 848,000

Crosby Company owns a chain of hardware stores throughout the state. Th inventory method to estimate ending inventory and cost of goods sold. The March 31, 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $210,000 765,000 Retail $360,000 888,000 18,000 6,000 848,000

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...

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Data on the physical inventory of Ashwood Products Company as of December 31 follow: Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the Lower of C or M column. The first item on the inventory sheet has been completed as an example.
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