Exercise 9-15 (Algo) Retail inventory method; LIFO [LO9-3] Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the re- 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. Beginning inventory Net purchases Cost $ 320,000 707,000 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 (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with minus sign. Net markups Net markdowns Retail $ 382,000 995,000 23,000 8,000 961,000 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 Retail 320,000 $ 382,000 Cost-to-Retail Ratio % %

Exercise 9-15 (Algo) Retail inventory method; LIFO [LO9-3] Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the re- 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. Beginning inventory Net purchases Cost $ 320,000 707,000 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 (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with minus sign. Net markups Net markdowns Retail $ 382,000 995,000 23,000 8,000 961,000 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 Retail 320,000 $ 382,000 Cost-to-Retail Ratio % %

Name: Exercise 9-15 (Algo) Retail inventory method; LIFO [LO9-3]Crosby Comp
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Description: Exercise 9-15 (Algo) Retail inventory method; LIFO [LO9-3]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

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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