Do not give answer in image Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retallInventory method to estimate ending Inventory and cost of goods sold. The following data are available:Beginning inventoryNet purchasesNet markupsNet markdownsNet salesBeginning inventoryNet purchasesRequired:Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided.Assume stable retall prices during the period.Note: Round ratio calculation to 2 decimal places (.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with aminus sign.Net markupsNet markdownsCost$ 320,000707,000Retall$ 382,000995,00023,0008,000961,000Goods available for sale (excluding beginning inventory)Goods available for sale (including beginning inventory)Cost-to-retail percentage (beginning)Cost-to-retail percentage (current)Net salesEstimated ending inventory at retailEstimated ending inventory at costEstimated cca of goods sold$Cost320,000 $0320.000$Retail382,0000382,000382,000Cast-to-RetailRatio%%D

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Description: Do not give answer in image Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retallInventory method to estimate ending Inventory and cost of goods sold. The following data are a

Last in, first out (LIFO):- As per LIFO method records the most recently produced items as sold…

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osby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retall entory method to estimate ending Inventory and cost of goods sold. The following data are available: leginning inventory et purchases wet markups et markdowns et sales Cost $ 320,000 707,000 Retall $ 382,000 995,000 23,000 8,000 961,000 quired: mplete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. sume stable retall prices during the period. te: Round ratio calculation to 2 decimal places (le, 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a mus sign.

osby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retall entory method to estimate ending Inventory and cost of goods sold. The following data are available: leginning inventory et purchases wet markups et markdowns et sales Cost $ 320,000 707,000 Retall $ 382,000 995,000 23,000 8,000 961,000 quired: mplete the table below to estimate the LIFO cost of ending inventory and cost of goods sold using the information provided. sume stable retall prices during the period. te: Round ratio calculation to 2 decimal places (le, 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a mus sign.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...

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Data on the physical inventory of Ashwood Products Company as of December 31 follow: Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the Lower of C or M column. The first item on the inventory sheet has been completed as an example.
Data on the physical inventory of Katus Products Co. as of December 31 follow: Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item: 1. Draw a line through the quantity and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example.
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Beginning inventory, purchases, and sales data for portable game players are as follows: The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?
Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4.
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Instructions 1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the dollar. 4. Compare the gross profit and June 30 inventories using the following column headings:
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that 369,750 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November?
Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.
Assume that the business in Exercise 7-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.
Calculate the goods available for sale for Atlantis Company, in units and in dollar amounts, given the following facts about their inventory for the period: