Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sol 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 Net markups Less: Net markdowns Goods available for sale Estimate ending inventory and cost of goods sold (average cost). Cost-to-retail percentage Cost Retail $350,000 $ 505,000 880,000 1,260,000 44,450 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost S 53,000 23,000 1,225,000 Cost 350,000 $ 880,000 44,450 1,274,450 S (A Retail 505,000 1,260,000 53,000 23,000 1,795,000 1,225,000 570,000 Cost-to-Retail Ratio

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.