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: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 160,000 607,760 Retail $ 280,000 840,000 20,000 4,000 800,000 Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: 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.

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: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 160,000 607,760 Retail $ 280,000 840,000 20,000 4,000 800,000 Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. Assume stable retail prices during the period. Note: 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.

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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