Chapter 9, Problem 9.10P

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 retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the three months ending March 31, 2021: Cost Retail Beginning inventory Net purchases Net markups $220,000 697,000 $361,000 830,000 27,000 7,000 825,000 Net markdowns Net sales Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the threefmonths ending March 31, 2021, using the information provided. Assume stable retail prices during the period. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) X Answer is not complete. Cost-to- Retail Ratio Cost Retail Beginning inventory 220,000 2$ 361,000 Net purchases 697,000 O 830,000 Net markups 27,000 Net…

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. Beginning inventory Net purchases Net markups Net markdowns 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 × Answer is not complete. Cost-to-Retail Cost Retail Ratio $ 190,000 $ 290,000 660,000 865,000 20,000 (5,000) 660,000 880,000 850,000 1,170,000 65.52 % 75.00 % (836,000) $ 334,000 (46,008) X

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