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, 2018: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales. Beginning inventory Plus: Net purchases Freight-in 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%.)) Cost Retail $450,000 $ 580,000 935,000 1,360,000 72,800 Net markups Less: Net markdowns Goods available for sale (excluding beg. Inventory) Goods available for sale (including beg. Inventory) Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 63,000 33,000 1,275,000 $ Cost 0 0 0 $ Retail 0 0 0 Cost-to-Retail Ratio

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, 2018: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales. Beginning inventory Plus: Net purchases Freight-in 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%.)) Cost Retail $450,000 $ 580,000 935,000 1,360,000 72,800 Net markups Less: Net markdowns Goods available for sale (excluding beg. Inventory) Goods available for sale (including beg. Inventory) Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 63,000 33,000 1,275,000 $ Cost 0 0 0 $ Retail 0 0 0 Cost-to-Retail Ratio

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Description: Please do not give solution in image format thanku 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,

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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