None 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:Retail$ 580,0001,360,000Beginning inventoryNet purchasesFreight-inCost$ 450,000935,00072,80033,0001,275,00063,000Net markupsNet markdownsNet salesEstimate ending inventory and cost of goods sold (average cost).Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)Beginning inventoryPlus: Net purchasesFreight-inNet markupsLess: Net markdownsGoods available for saleCost-to-retail percentageLess: Net salesEstimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods soldCostRetailCost-to-RetailRatio450,000 $935,000580,0001,360,00072,80063,000(33,000)1,457,8001,970,000(1,275,000)695,000

Name: None Kiddie World uses a periodic inventory system and the retail inve
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: None 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:Retail$ 580,0001,360,000Beginning inventoryNet purchasesFre