Brief Exercise 9-9 (Static) Conventional retail method [LO9-4] Kiddie World uses a periodic inventory system and...

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Brief Exercise 9-9 (Static) Conventional retail method [LO9-4] 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: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $300,000 $450,000 861,000 1,210,000 22,000 48,000 18,000 1,200,000 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%.)) Brief Exercise 9-9 (Static) Conventional retail method [LO9-4] 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: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $300,000 $450,000 861,000 1,210,000 22,000 48,000 18,000 1,200,000 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%.))