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 $ 460,000 $ 590,000 Net purchases 940,000 1,370,000 Freight-in 52,700 Net markups 64,000 Net markdowns 34,000 Net sales 1,280,000 Estimate ending inventory and cost of goods sold using the conventional method.
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 $ 460,000 $ 590,000 Net purchases 940,000 1,370,000 Freight-in 52,700 Net markups 64,000 Net markdowns 34,000 Net sales 1,280,000 Estimate ending inventory and cost of goods sold using the conventional method.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 7SEA: DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTIAL SPREADSHEET: PERIODIC INVENTORY SYSTEM...
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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 | $ | 460,000 | $ | 590,000 | ||
Net purchases | 940,000 | 1,370,000 | ||||
Freight-in | 52,700 | |||||
Net markups | 64,000 | |||||
Net markdowns | 34,000 | |||||
Net sales | 1,280,000 | |||||
Estimate ending inventory and cost of goods sold using the conventional method.
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