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 at the end of the year:

CostRetailBeginning Inventory390,000525,000Net Purchases900,0001,300,000Freight-in27,050 Net Markups 57,000Net Markdowns 27,000Net Sales 1,245,000

Estimate ending inventory and cost of goods sold (LIFO).

Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)

REMEMBER THIS IS LIFO. So Simply multiplying the ratio * the estimated ending inventory at retail is INCORRECT as shown in this picture. The only part i know for sure is right is the ratio.

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 at the end of the year: Estimate ending inventory and cost of goods sold (LIFO). Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)