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, 2011:

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.



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  • CreatedJuly 02, 2013
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