Homework Help is Here – Start Your Trial Now!
Business
Accounting
Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic Inventory system and the retall 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 (1.e.. 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Net markups Cost $320,000 707,000 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 reta Estimated ending inventory at cost Retail $382,000 995,000 23,000 8,000 961,000 $ Cost 320.000 S Retail 382.000 Cost-to-Retail Ratio 96 95

Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic Inventory system and the retall 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 (1.e.. 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Net markups Cost $320,000 707,000 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 reta Estimated ending inventory at cost Retail $382,000 995,000 23,000 8,000 961,000 $ Cost 320.000 S Retail 382.000 Cost-to-Retail Ratio 96 95

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question
Please do not give solution in image format thanku
Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retall 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 (l.e.. 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Net markups Cost $320,000 707,000 Net markdowns Goods available for sale (excluding beg inventory) Goods available for sale (including beg. inventary) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales Estimated ending inventory at reta Estimated ending inventory at cost Estimated cost of goods sold Retail $382,000 995,000 23,000 8,000 961,000 S Cost 320,000 $ Retail 382.000 Cost-to-Retail Ratio 96 96
Transcribed Image Text:Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retall 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 (l.e.. 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Net markups Cost $320,000 707,000 Net markdowns Goods available for sale (excluding beg inventory) Goods available for sale (including beg. inventary) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) Net sales Estimated ending inventory at reta Estimated ending inventory at cost Estimated cost of goods sold Retail $382,000 995,000 23,000 8,000 961,000 S Cost 320,000 $ Retail 382.000 Cost-to-Retail Ratio 96 96
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS