Business, 21.04.2020 20:04 reganjones89

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 $ 340,000 $ 384,000
Net purchases 777,000 1,040,000
Net markups 15,000
Net markdowns 5,000
Net sales 1,005,000

Required:
Estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 20121 Assume stable retail prices during the period.

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

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