Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic Inventory system and the retall Inventory 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 (1.e.. 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Net markups Cost $320,000 707,000 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 reta Estimated ending inventory at cost Retail $382,000 995,000 23,000 8,000 961,000 $ Cost 320.000 S Retail 382.000 Cost-to-Retail Ratio 96 95

Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic Inventory system and the retall Inventory 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 (1.e.. 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Net markups Cost $320,000 707,000 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 reta Estimated ending inventory at cost Retail $382,000 995,000 23,000 8,000 961,000 $ Cost 320.000 S Retail 382.000 Cost-to-Retail Ratio 96 95

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Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...

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