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 Beginning inventory Plus: Net purchases Freight-in Cost $ 300,000 861,000 22,000 Retail $ 450,000 1,210,000 Estimate ending inventory and cost of goods sold (LIFO). Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 48,000 18,000 1,200,000 Net markups Less: Net markdowns Goods available for sale (excluding beginning Inventory) Goods available for sale (including beginning Inventory) Cost-to-retail percentage Less: Net sales Cost Retail 57 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 at the end of the year: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Plus: Net purchases Freight-in Cost $ 300,000 861,000 22,000 Retail $ 450,000 1,210,000 Estimate ending inventory and cost of goods sold (LIFO). Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 48,000 18,000 1,200,000 Net markups Less: Net markdowns Goods available for sale (excluding beginning Inventory) Goods available for sale (including beginning Inventory) Cost-to-retail percentage Less: Net sales Cost Retail 57 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 at the end of the year:Beginning inv

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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