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
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:
| Cost | Retail | |
|---|---|---|
| Beginning Inventory | 28634 | 46056 |
| Net Purchases | 869799 | 1224430 |
| Freight-in | 21013 | |
| Net Markups | 48972 | |
| Net Markdowns | 12908 | |
| Net Sales | 1219463 |
Estimate cost of good sold using the average cost.
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Accounting What The World's Best Forensic Accountants And Auditors Know About Forensic Accounting And Auditing That You Dont
Authors: Greg Shields
1st Edition
1647483255, 978-1647483258
