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 at the end of the year: Cost Retail Beginning inventory $ 300,000 $ 450,000 Net purchases 861,000 1,210,000 Freight-in 22,000 Net markups 48,000 Net markdowns 18,000 Net sales 1, 200,000 Estimate ending inventory and cost of goods sold (LIFO).

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 at the end of the year: Cost Retail Beginning inventory $ 300,000 $ 450,000 Net purchases 861,000 1,210,000 Freight-in 22,000 Net markups 48,000 Net markdowns 18,000 Net sales 1, 200,000 Estimate ending inventory and cost of goods sold (LIFO).

Name: Kiddie World uses a periodic inventory system and the retail inventor
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventoryand cost of goods sold. The following data are available at the end of the year: Cost Retail Beginninginventory $ 300,000 $ 450,000 Net purchas

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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 $ 320,000 $ 465,000 Net purchases 863,000 1,230,000 Freight-in 24,500 Net markups 50,000 Net markdowns 20,000 Net sales 1,210,000 please answer do not image format
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 at the end of the year. Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost $ 380,000 895,000 68,200 Beginning inventory Plus. Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 520,000 1,290,000 Estimate ending Inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (1.e., 0.1234 should be entered as 12.34%.) $ 56,000 26,000 1,240,000 Cost 380,000 $ 895,000 68,200 1,343,200 $ Retail 520,000 1,290,000 56,000 1,866,000 (26,000) 1,840,000 (1,240,000) 600,000 Cost to Retail Ratio 4
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 $ 320,000 $ 465,000 Net purchases 863,000 1,230,000 Freight-in 24,500 Net markups 50,000 Net markdowns 20,000 Net sales 1,210,000 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%.))
Kingbird, Inc. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 (a) Explanation Units Inventory Purchase Purchase Inventory 130 330 Cost of goods sold 200 203 Cost of the ending inventory Unit Cost $ $5 6 7 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) Total Cost FIFO $650 1,980 1,400 LA LIFO LA LA Average-cost
The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 Inventory Sale 4,000 units at $50 2,500 units June 30 Purchase 4,500 units at $54 Sept. 2 Sale 5,000 units Purchase 2,000 units at $56 Nov. 15 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Quantity Weighted Average Cost Flow Method Cost of Goods Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 ☐ ☐ ☐ ☐ ☐ ☐ Dec. 31 Balances
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Sunland Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 200 $5.00 Purchases: September 8 900 6.00 September 18 900 7.00 A physical inventory on September 30 shows 520 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $ +A
Sarasota Inc. uses a perpetual inventory system. Its records show the following for the month of May. Unit Total Date Explanation Units Cost Cost May 1 Inventory 33 $11 $363 May 15 Purchase 25 12 300 May 18 Sale (44) May 24 Purchase 39 13 Total 97 13 507 $1,170 (a) Your Answer Correct Answer (Used) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ 495 Ending Inventory $ 675 (b) Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, eg. 15.235 in your calculations and round final answers to 2 decimal places, ea 5.25) Cost of goods sold $ Ending Inventory
Perez Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 360 $34 Purchase: April 6 290 35 Sale: May 4 380 Purchase: July 19 590 39 Sale: September 9 450 Purchase: October 10 140 45 Perez uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold
On June 30, Cullumber Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $49,920, at retail $64,000; net sales $51,200; and ending inventory at retail $12,800. Compute the estimated cost of the ending inventory using the retail inventory method. Estimated cost of ending inventory $
Top Purse Company applies the periodic inventory system using the specific identification method. The company had the following transactions related to its best selling purse. Date Transaction Units Unit Cost Total Cost November 1 Beginning inventory 5 300 1,500 November 3 Sale 2 November 8 Purchase 9 320 2,880 November 10 Sale 4 November 17 Purchase 3 340 1,020 Compute the cost of ending inventory for the best selling purse based on the following: The November 3rd sale consists of purses from beginning inventory. The November 10th sale consists of 1 purse from beginning inventory and 3 purses from the November 8th purchase.