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$2$

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:

$10$ points

$\backslash$begin$\{$tabular$\}\{$lrr$\}$

& Cost & $\backslash$multicolumn$\{1\}\{$c$\}\{$ Retail $\}\backslash \backslash$

Beginning inventory & $\backslash (\backslash$$ $190,000\backslash )$ & $\backslash (\backslash$$ $290,000\backslash )\backslash \backslash$

Net purchases & $660,000$ & $865,000\backslash \backslash$

Net markups & & $20,000\backslash \backslash$

Net markdowns & & $5,000\backslash \backslash$

Net sales & & $836,000$

$\backslash$end$\{$tabular$\}$

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.

Note: Round ratio calculation to $2$ decimal places $($i$.$e$.,0\mathrm{.}1234$ should be entered as $\backslash (12\mathrm{.}34\backslash \%\backslash ).).$ Enter amounts to be deducted with a minus sign.

Answer is not complete.

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.

Note: Round ratio calculation to $2$ decimal places $($i$.$e$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}34\%.).$ Enter amounts to be deducted with a minus sign.

Cost Retail Cost$-$to$-$Retail Ratio Beginning inventory $ $190,000$ $ $290,000$ Net purchases $660,000865,000$ Net markups $020,000$ Net markdowns $0(5,000)$ Goods available for sale $($excluding beginning inventory$)660,000880,000$ Goods available for sale $($including beginning inventory$)850,0001,170,000$ Cost$-$to$-$retail percentage $($beginning$)65\mathrm{.}51\%$ Cost$-$to$-$retail percentage $($current$)75\mathrm{.}00\%$ Net sales $(836,000)$ Estimated ending inventory at retail $ $334,000$ Estimated ending inventory at cost Estimated cost of goods sold $-$ find me the estimated ending inventory at cost and estimated cost of goods sold