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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 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

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 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
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 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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