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 $ 545,000 $410,000 910,000 1,320,000 44,400 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%.)) Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale (excluding beg. Inventory) Goods available for sale (including beg. Inventory) Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 59,000 29,000 1,255,000 $ $ CA Cost Retail 410,000 $ 545,000 910,000 1,320,000 44,400 0 954,400 1,364,400 0 1,364,400 $ 0 59,000 29,000 1,350,000 1,895,000 1,255,000 640,000 Cost-to-Retail Ratio 70.70%

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 $ 545,000 $410,000 910,000 1,320,000 44,400 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%.)) Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale (excluding beg. Inventory) Goods available for sale (including beg. Inventory) Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 59,000 29,000 1,255,000 $ $ CA Cost Retail 410,000 $ 545,000 910,000 1,320,000 44,400 0 954,400 1,364,400 0 1,364,400 $ 0 59,000 29,000 1,350,000 1,895,000 1,255,000 640,000 Cost-to-Retail Ratio 70.70%

Name: Please help me Kiddie World uses a periodic inventory system and the r
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Description: Please help me Kiddie World uses a periodic inventory system and the retail inventory method to estimate endinginventory and cost of goods sold. The following data are available for the quarter ending September 30,2018:Beginning inventoryNet purchase

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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