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I'm doing 600,000*72.97% for Estimated Ending Inventory at Cost, not sure what I'm doing wrong. 4 Kiddie World uses a periodic inventory system and the

image text in transcribedI'm doing 600,000*72.97% for Estimated Ending Inventory at Cost, not sure what I'm doing wrong.

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: 1 points Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $380,000 $ 520,000 895,000 1,290,000 68,200 56,000 26,000 1, 240,000 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%.)) Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ 380,000 $ 895,000 68,200 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) 520,000 1,290,000 0 56,000 26,000 1,320,000 1,840.000 0 963,200 1,343,200 Cost-to-retail percentage 72.97% (1,240,000) 600,000 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 0 $ 437,820 X 905,380 $ 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: 1 points Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $380,000 $ 520,000 895,000 1,290,000 68,200 56,000 26,000 1, 240,000 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%.)) Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ 380,000 $ 895,000 68,200 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) 520,000 1,290,000 0 56,000 26,000 1,320,000 1,840.000 0 963,200 1,343,200 Cost-to-retail percentage 72.97% (1,240,000) 600,000 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 0 $ 437,820 X 905,380 $

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