Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail nventory 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 $180,000 630,000 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 Retail $282,000 865,000 13,000 3,000 840,000 $ Cost 180,000 $ 630,000 0 0 630,000 810,000 ARE $ Retail 282,000 865,000 13,000 3,000 875,000 1,157,000 840,000 317,000 Cost-to-Retail Ratio 63.82 % 72.00 %

Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail nventory 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 $180,000 630,000 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 Retail $282,000 865,000 13,000 3,000 840,000 $ Cost 180,000 $ 630,000 0 0 630,000 810,000 ARE $ Retail 282,000 865,000 13,000 3,000 875,000 1,157,000 840,000 317,000 Cost-to-Retail Ratio 63.82 % 72.00 %

Name: Crosby Company owns a chain of hardware stores throughout the state.
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Description: 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 mont

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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