Question

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	$	310,000		$	381,000
Net purchases		750,000			986,000
Net markups					21,000
Net markdowns					7,000
Net sales					946,000

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.

Cost Retail Cost-to-Retail Ratio Beginning inventory $310,000 $381,000 Plus: Net purchases 750,000 986,000 Net markups 0 21,000 Less: Net markdowns 0 7,000 Goods available for sale (excluding beg. inventory) 750,000 1,000,000 Goods available for sale (including beg. inventory) 1,060,000 1,381,000 Cost-to-retail percentage 75 % Less: Net sales 0 946,000 Estimated ending inventory at retail $435,000 Estimated ending inventory at cost x Estimated cost of goods sold x

*The x's I placed in the boxes are the answers I need

Answer 1

ding foenloy sefa Esbimalethe LIFO amount manch Coas |Co-to relail rahio Rakail Parbicular Eogiening nventory Ne punchases 3/0,000381000 50,000486 000 Ne mankupo Neb mankdound Goods auodable for zale 50,0001000,000 caduding tng Brentory Goats availate for fale - incu1060,000 $1381000 -ding biming Bventory Coto ebai perant ge Net sales 46000) Eafimaded .ending frenty at xebail 435000 Eainaled ending invenoy cont350500 Eahimated Codods sofd 09500 O

Foge NO Ehimaled cndingventorg reail 94 6000 1381000 435000 Exkimated ending inventory o - Resail Baginning T vntong 381000 tr Cuven penfods layers 31000 435000 5400 0 Total 38/000 t54000 435000 Cons nngventy 310,000 4000 X ca to ebal percene Cuonent period layen Coak bo rebad parcentge 750,00 0 x100 000,O00

Fage-nNo Cacwens pertod lay 54000 x 75 440500 Tob a 40500 310,000 350600 Geods auailab fo ole -nduding beginirg ventoy 106000 Enhimded ending ovenborg ab co-350600 Enhimated con ofgoods sold t060,000 350500 09500 Enfimaled cont o oods sofd 09500