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 $ $
Net purchases
Net markups
Net markdowns
Net sales
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.
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