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 $160,000 $280,000
Net purchases 607,760 840,000
Net markups 20,000
Net markdowns 4,000
Net sales 800,000
Required:
Estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 2013. Assume stable retail prices during the period.
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