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Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost $300,000 861,000 22,000 Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost-to-retail percentage ess: Estimated ending inventory at retail Retail $ 450,000 1,210,000 Estimated ending inventory at cost Estimated cost of goods sold $ 48,000 18,000 1,200,000 Cost 0 0 $ Retail 0 0 0 Cost-to-Retail Ratio

Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost $300,000 861,000 22,000 Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost-to-retail percentage ess: Estimated ending inventory at retail Retail $ 450,000 1,210,000 Estimated ending inventory at cost Estimated cost of goods sold $ 48,000 18,000 1,200,000 Cost 0 0 $ Retail 0 0 0 Cost-to-Retail Ratio

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Kiddie World for the quarter ending September 30, 2016: Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost $300,000 861,000 22,000 Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Retail $ 450,000 1,210,000 Estimated ending inventory at cost Estimated cost of goods sold $ 48,000 18,000 1,200,000 Cost 0 0 $ Retail 0 0 0 Cost-to-Retail Ratio
Transcribed Image Text: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 Kiddie World for the quarter ending September 30, 2016: Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost $300,000 861,000 22,000 Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Retail $ 450,000 1,210,000 Estimated ending inventory at cost Estimated cost of goods sold $ 48,000 18,000 1,200,000 Cost 0 0 $ Retail 0 0 0 Cost-to-Retail Ratio
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