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Exercise 9-15 Retail inventory method; LIFO [LO9-3] Crosby Company owns a chain of hardware stores...

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Accounting

Exercise 9-15 Retail inventory method; LIFO [LO9-3] 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, 2018:

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Check my work Retail $160,000 $280,000 607,760 840,000 20,000 4,000 800,000 Cost 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 for the three months ending March 31, 2018. Assume stable retail prices during the period Cost-to-Retail Ratio Cost Retail Beginning inventory Plus: Net purchases 607,760 0 0 607,760 767,760 $160,000$ 280,000 840,000 20,000 4,000 856,000 1,136,000 Net markups Less: Net markdowns Goods available for sale (excluding beg inven Goods available for sale (including beg. inventory) Cost-to-retail percentage 71% Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 800,000 $336,000

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