Business, 19.04.2021 15:20 kirstennnash
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 $300,000 $380,000
Net purchases 833,000 962,000
Net markups 24,000
Net markdowns 6,000
Net sales 924,000
Required:
Estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 2011. Assume stable retail prices during the period.
Answers: 3
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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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