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: Retail 525,000 1,300, 000 Cost Beginning inventory Net purchases Freight-in Net markups Net markdowns $390, 000 $ 900,000 27,050 57,000 27,000 1,245,000 Net sales 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-to-Retail Ratio Cost Retail Beginning inventory 390,000 $ 525,000 Plus: Net purchases 900,000 1,300,000 Freight-in 27,050 Net markups 57,000 Less: Net markdowns 27,000 Goods available for sale (excluding beg. Inventory) 927,050 1,330,000 Goods available for sale (including beg. Inventory) 1,317.050 1,855,000 Cost-to-retail percentage 71.00% Less: Net sales 1,245,000 Estimated ending inventory at retail $ 610,000 Estimated ending inventory at cost Estimated cost of goods sold $ 1,317,050

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: Retail 525,000 1,300, 000 Cost Beginning inventory Net purchases Freight-in Net markups Net markdowns $390, 000 $ 900,000 27,050 57,000 27,000 1,245,000 Net sales 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-to-Retail Ratio Cost Retail Beginning inventory 390,000 $ 525,000 Plus: Net purchases 900,000 1,300,000 Freight-in 27,050 Net markups 57,000 Less: Net markdowns 27,000 Goods available for sale (excluding beg. Inventory) 927,050 1,330,000 Goods available for sale (including beg. Inventory) 1,317.050 1,855,000 Cost-to-retail percentage 71.00% Less: Net sales 1,245,000 Estimated ending inventory at retail $ 610,000 Estimated ending inventory at cost Estimated cost of goods sold $ 1,317,050

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 inventory and cost of goods sold.The following data are available for the quarter ending September 30, 2021:Retail525,0001,300, 000CostBeginning invento

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

ABC co. has the following data for the month ended January 31, 2021. ABC uses periodic inventory system: Date 1/1 Beginning Inventory 110 $ 78 1/8 Purchase 190 81 1/12 Sale 140 110 1/18 Purchase 75 81 1/20 Sale 80 120 1/24 Purchase 210 83 1/29 Sale 190 120 Which inventory method will allow company to present the highest ending inventory on the January 31, 2021 Balance Sheet? O LIFO Specific Identification Units Unit cost or selling price O FIFO O Average Cost
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%.))
You have the following information for Ivanhoe Inc. for the month ended October 31, 2025. Ivanhoe uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 (a1) (a2) Description Beginning inventory 55 Purchase Sale Purchase Sale Purchase Sale Ending inventory Cost of goods sold Gross profit Units Unit Cost or Selling Price $26 $ tA 140 tA 100 1.LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 100 55 65 110 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. LIFO tA $ 28 LA 45 29 50 31 50 FIFO tA tA tA AVERAGE-COST
Liverpool Company uses a perpetual inventory system. The following table shows the beginning inventory, the purchases and sales of product X during the current year 2019: Date Description Unit Quantity (unit) Total Cost 13 Jan 10 Apr 21 Jul 18 Aug | 23 Oct 11 Nov Beginning inventory Purchases Purchases Sales Purchases Sales $6,000 $4,800 S12,000 60 S100 40 S120 100 S120 80 S110 S17,600 160 50 Required: (SHOW WORKINGS) Using First-In, First-Out (FIFO) method, calculate (i) and (ii): (i) Cost of Goods Sold for the year ended 31 December 2019. (ii) the cost of Ending Inventory as at 31 December 2019.
Suppose that Ivanhoe uses a periodic inventory system and has these account balances: Purchases $571,000; Purchase Returns and Allowances $11,800; Purchases Discounts $9,100; and Freight-In $14,300. Determine net purchases and cost of goods purchased. Net purchases tA Cost of goods purchased $
The following data is given for Co. A., a merchandising company. Assume the company uses the Periodic Inventory system and that the cost of goods sold is $ 300,000, $14.000 40.000 60.000 2 4.000 6.000 Freight-In Merchandise Inventory, January 1, 2020 Merchandise Inventory, January 31, 2020 Purchases Purchase Returns Purchase Discounts Required: a. Calculate the missing amount for "Purchases" b. Calculate the "Cost of Goods Sold"
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.)
Crosby Company owns a chain of hardware stores throughout the state. The company 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 three months ending March 31, 2021: Beginning inventory. Net purchases Net markups Net markdowns Net sales Beginning inventory Net purchases Net markups Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 2021, using the information provided. Assume stable retail prices during the period (Round ratio calculation to 2 decimal places (i.e.. 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost $180,000 630,000 Net markdowns Goods available for sale (excluding beg. inventory) Goods available for sale (including beg inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) sales Estimated ending…
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 $
sanjay
The following data are available for Sellco for the fiscal yoar ended on January 31, 2017: Sales Beginning inventory Purchases, in chronological order 840 units 210 units 300 units 410 units 56 190 units Required: a. Calcuiate cost of goods sold and ending inventory under the cost fow assumptions, FIFO, LIFO and Weighted average (using a periodie inventory syslenk (Round unit oost ls2 Cost of Goods Scld Ending Inventory FIFO LIFO Weighted average 6. Assume hat net ancome using the weighted-average cost flow assumption is $12.300 Calculate net inceme under FIFO and LIFG (Round unit coafzcnplaE Net Income FIFO