Kiddle 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: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost $ 340,000 873,000 26,000 Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 490,000 1,250,000 Estimate ending Inventory and cost of goods sold (average cost). Note: Round ratio calculation to 2 decimal places (I.e., 0.1234 should be entered as 12.34%.) S 52,000 22,000 1,220,000 Cost 340,000 $ 873,000 26,000 1,239,000 $ Retail 490,000 1,250,000 52,000 (22,000) 1,770,000 (1,220,000) 550,000 Cost to Retail Ratio

Kiddie Worid uses a periodic inventory system and the retall inventory method to estimate ending inventory and cost of goods sold. The following data are avallable at the end of the year Estimate ending inventory and cost of goods sold (average cost). Note: Round ratlo calculation to 2 decimal ploces (l.e., 0.1234 should be entered as 12.34%.)