Crosby Company owns a chain of hardware stores throughout the stste. The company uses s periodic inventory system and the retsil inventory method to estimate ending inventory and cost of goods sold. The following dste ere eveilable for the three months ending March 31, 202t Retail Cost $318,eee 75e,000 Beginning inventory Net purchases Net markups Net markdowns Net sales $381,eee S86,eee 21,000 7,20e S46, 000 Required: Complete the toble 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 retsil prices during the period. (Round ratio calculation to 2 decimal places (Le. 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 stste. The company uses s periodic inventory system and the retsil inventory method to estimate ending inventory and cost of goods sold. The following dste ere eveilable for the three months ending March 31, 202t Retail Cost $318,eee 75e,000 Beginning inventory Net purchases Net markups Net markdowns Net sales $381,eee S86,eee 21,000 7,20e S46, 000 Required: Complete the toble 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 retsil prices during the period. (Round ratio calculation to 2 decimal places (Le. 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.)

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 retsilinventory method to estimate ending inventory and cost of goods sold. The following dats 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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