Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can anyone please help me with this question? Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and

Can anyone please help me with this question?

image text in transcribedimage text in transcribed

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 $360,000 $ 510,000 884,000 1,270,000 41,100 54,000 24,000 1,230,000 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%.)) Cost Retail Cost-to- Retail Ratio $ 360,000 $ 510,000 1,270,000 884,000 41,100 0 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) 0 0 54,000 24,000 1,300,000 1,810,000 925,100 1,285,100 Cost-to-retail percentage 71.16% Less: Net sales 0 1,230,000 580,000 $ Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 412,728 X 872,372 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Sector Accounting And Finance

Authors: Prof Stephen Sunday Sharang Ph.D.

1st Edition

979-8639273353

More Books

Students also viewed these Accounting questions