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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: Beginning inventory Net purchases Net markups Net markdowns Net sales Beginning inventory Net purchases 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.) Net markups Cost $210,000 765,000 Net markdowns Goods available for sale (excluding beg. inventory) Goods available for sale (including beg. 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 Retail $360,000 888,000 18,000 6,000 848,000 $ Cost 210,000 $ 0 210,000 $ Retail 360,000 0 360,000 360,000 Cost-to-Retail Ratio % %
Transcribed Image Text: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: Beginning inventory Net purchases Net markups Net markdowns Net sales Beginning inventory Net purchases 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.) Net markups Cost $210,000 765,000 Net markdowns Goods available for sale (excluding beg. inventory) Goods available for sale (including beg. 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 Retail $360,000 888,000 18,000 6,000 848,000 $ Cost 210,000 $ 0 210,000 $ Retail 360,000 0 360,000 360,000 Cost-to-Retail Ratio % %
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