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 for the three months ending March 31, 2021:
Cost
Retail
Beginning inventory
$
250,000
$
364,000
Net purchases
663,000
830,000
Net markups
29,000
Net markdowns
9,000
Net sales
805,000
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 (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)
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