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Crosby Company owns a chain of hardware stores throughout the state. The company uses a...

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Accounting

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:
Cost Retail
Beginning inventory $ 260,000 $ 365,000
Net purchases 760,000934,000
Net markups 18,000
Net markdowns 2,000
Net sales 912,000
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.
I need help understanding how to calculate the Current Period's Layer please.

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