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 Cost Retail $380,000 $ 520,000 895,000 1,290,000 68,200 56,000 26,000 1,240,000 Estimate ending inventory and cost of goods sold (EO) (Round ratio calculation to 2 decimal places fie 01234
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 Cost Retail $380,000 $ 520,000 895,000 1,290,000 68,200 56,000 26,000 1,240,000 Estimate ending inventory and cost of goods sold (EO) (Round ratio calculation to 2 decimal places fie 01234
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
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