Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and
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Question:
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, 2016:
CostRetail
Beginning inventory$350,000 $505,000
Net purchases 880,000 1,260,000
Freight-in 44,450
Net markups 53,000
Net markdowns 23,000
Net sales 1,225,000
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%.))
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