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 Net purchases Freight-in Net markups $470,000 $ 600,000 945,000 12,100 1,380,000 65,000 35,000 1,285,000 Net markdowns Net sales Estimate ending inventory and cost of goods sold (average cost). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be

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 Net purchases Freight-in Net markups $470,000 $ 600,000 945,000 12,100 1,380,000 65,000 35,000 1,285,000 Net markdowns Net sales Estimate ending inventory and cost of goods sold (average cost). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2PA: Trini Company had the following transactions for the month. Calculate the ending inventory dollar...

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