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I'm not sure what I did wrong, can you please show me steps as to how you got your answers, thank you Kiddie World uses
I'm not sure what I did wrong, can you please show me steps as to how you got your answers, thank you
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 using the conventional method. (Round ratio calculation to 2 decimal places (.e., 0.1234 should be entered as 12.34%.)) 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%.)) Cost Retail Cost-to-Retail Ratio $ $ 360,000 884,000 41.100 510,000 1,270,000 Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale 54,000 1,834,000 (24,000) 1,810,000 1.285.100 Cost-to-retail percentage 71.00% Less: Net sales (1,230,000) 580,000 $ Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 411,800 873,300 $Step by Step Solution
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