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 inventoryNet purchasesFreight-inNet markupsNet markdownsNet salesCost$ 380,000895,00068,200Beginning inventoryPlus. Net purchasesFreight-inNet markupsGoods available for saleLess: Net markdownsGoods available for saleCost-to-retail percentageLess: Net salesEstimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods soldRetail$ 520,0001,290,000Estimate 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%.)$56,00026,0001,240,000Cost380,000 $895,00068,2001,343,200$Retail520,0001,290,00056,0001,866,000(26,000)1,840,000(1,240,000)600,000Cost to RetailRatio4

Name: Kiddie World uses a periodic inventory system and the retail Inventor
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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 at the end of the year.Beginning inventoryNet purchasesFreight-inNet markupsNet markdo

COGS is known as Cost of Goods Sold. These are the direct costs which occur in producing the goods…

Business

Accounting

Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods soll The following data are available at the end of the year. Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales 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 Cost $ 380,000 895,000 68,200 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%.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 520,000 1,290,000 $ 56,000 26,000 1,240,000 Cost 380,000 $ 520,000 895,000 1,290,000 68,200 1,343,200 Retail $ 56,000 1,866,000 (26,000) 1,840,000 (1,240,000) 600,000 Cost-to-Retail Ratio

Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods soll The following data are available at the end of the year. Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales 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 Cost $ 380,000 895,000 68,200 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%.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 520,000 1,290,000 $ 56,000 26,000 1,240,000 Cost 380,000 $ 520,000 895,000 1,290,000 68,200 1,343,200 Retail $ 56,000 1,866,000 (26,000) 1,840,000 (1,240,000) 600,000 Cost-to-Retail Ratio

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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