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 | 31358 | 45257 |
| Net Purchases | 876420 | 1213689 |
| Freight-in | 28830 | |
| Net Markups | 50816 | |
| Net Markdowns | 13611 | |
| Net Sales | 1160318 |
Required : Estimate cost of good sold using the average cost.
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The Love Audit
Authors: Annah Conwell
1st Edition
B0B9SMDYNM, 979-8843874452
