Question: please show work when solving Check my work 13 Exercise 9-15 Retail inventory method; LIFO [LO9-3] 0.5 points Crosby Company owns a chain of hardware
Check my work 13 Exercise 9-15 Retail inventory method; LIFO [LO9-3] 0.5 points 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: Skipped eBook Hint Print Beginning inventory Net purchases Net narkups Net markdowns Net sales CostRetail $320,000 $382,000 707,000 995,000 23,000 8,000 961,000 References 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 Retail Cost-to-Re Beginning inventory Plus: Net purchases Net markups Less: Net markdowns Goods available for sale (excluding beg Required Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March31 2018. Assume stable retail prices during the period. Cost Retail Cost-to-Ret Beginning inventory Plus: Net purchases Net markups Less: Net markdowns Goods available for sale (excluding beg Goods available for sale (including beg. inventory) Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold
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