and the retail inventory method to estimate ending inventory and cost of goods sold. available for the quarter ending September 30, 2021: Cost Retail Beginning inventor Net purchases 960,000 1,410,000 Freight-in 51, 100 Net markups 68,000 Net mark s 1,300,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio places (i.e., 0.1234 should be entered as 12.34% .))
and the retail inventory method to estimate ending inventory and cost of goods sold. available for the quarter ending September 30, 2021: Cost Retail Beginning inventor Net purchases 960,000 1,410,000 Freight-in 51, 100 Net markups 68,000 Net mark s 1,300,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio places (i.e., 0.1234 should be entered as 12.34% .))
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Brief Exercise 9 -8 (Algo) Retail inventory method; LIFO [LO9-3] Kiddie World 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 quarter ending September 30, 2021: Cost Retail Beginning inventory $ 500,000 $
630,000 Net purchases 960,000 1,410,000 Freight-in 51, 100 Net markups 68,000 Net markdowns 38,000
Net sales 1,300,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2
decimal places (i.e., 0.1234 should be entered as 12.34% .))](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff963d59d-a85f-4976-a6f8-dd987c3dcfc0%2F787086e7-aa27-433f-8bf7-697b007b6a3c%2Fqb9jzgi_processed.png&w=3840&q=75)
Transcribed Image Text:Brief Exercise 9 -8 (Algo) Retail inventory method; LIFO [LO9-3] Kiddie World 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 quarter ending September 30, 2021: Cost Retail Beginning inventory $ 500,000 $
630,000 Net purchases 960,000 1,410,000 Freight-in 51, 100 Net markups 68,000 Net markdowns 38,000
Net sales 1,300,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2
decimal places (i.e., 0.1234 should be entered as 12.34% .))
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