None Beginning inventoryNet purchasesFreight-inNet markupsCost$ 400,000905,00045,000Retail$ 535,0001,310,00058,000Net markdownsNet sales28,0001,250,000Estimate ending inventory and cost of goods sold (LIFO).Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)CostRetailCost-to-RetailRatioBeginning inventoryPlus: Net purchases$400,000 $905,000535,0001,310,000Freight-inNet markups45,00058,000Less: Net markdowns(28,000)Goods available for sale (excluding beginning Inventory)950,0001,340,000Goods available for sale (including beginning Inventory)Cost-to-retail percentageLess: Net salesEstimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold1,350,0001,875,000(1,250,000)$625,000< Prev14 of 17Next

Name: None Beginning inventoryNet purchasesFreight-inNet markupsCost$ 400,00
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: None Beginning inventoryNet purchasesFreight-inNet markupsCost$ 400,000905,00045,000Retail$ 535,0001,310,00058,000Net markdownsNet sales28,0001,250,000Estimate ending inventory and cost of goods sold (LIFO).Note: Round ratio calculation to 2 decimal

Under the period inventory system a physical count of stock are performed through out specific time…

Business

Accounting

Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost $ 400,000 905,000 45,000 Retail $ 535,000 1,310,000 58,000 28,000 1,250,000 Estimate ending inventory and cost of goods sold (LIFO). Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12