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 narkups Net markdowns Net sales Cost $ 190,000 660,000 Beginning inventory Net purchases Net markups Net markdowns 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. Retail $ 290,000 865,000 20,000 5,000 836,000 Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning 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 $ Cost 190,000 $ 0 190,000 $ Retail 290,000 0 290,000 290,000 Cost-to-Retail Ratio % %

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 narkups Net markdowns Net sales Cost $ 190,000 660,000 Beginning inventory Net purchases Net markups Net markdowns 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. Retail $ 290,000 865,000 20,000 5,000 836,000 Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning 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 $ Cost 190,000 $ 0 190,000 $ Retail 290,000 0 290,000 290,000 Cost-to-Retail Ratio % %

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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Kiddie World 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 quarter ending September 30, 2021: Cost Retail Beginning inventory $ 460,000 $ 590,000 Net purchases 940,000 1,370,000 Freight-in 52,700 Net markups 64,000 Net markdowns 34,000 Net sales 1,280,000 Estimate ending inventory and cost of goods sold using the conventional method.
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I need help calculating the ending inventory and cost of goods sold using the LIFO method (Please Show Calculations) Note: I also attached an example of what the LIFO chart should look like, please follow that example to answer this question. Jensen Company had the following transactions regarding their inventory, They use a perpetual inventory system. Beginning Inventory: 100 units @ $6.00 per unit First Purchase: 100 units @ $7.00 per unit Sale: 150 units @ $15.00 per unit Second Purchase: 150 units @ $8.00 per unit Sale: 150 units @ $15.00 per unit
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