On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method Accounting records provided the following information Beginning inventory Net purchases Net markups Net markdowns Het sales Retail price index, end of year Cost Retail 42,950 $ 77,000 165,890 315.000 9. 11,000 292.000 1.04 Estimate ending inventory using the dollar-value LIFO retail method (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered os 12.34%.)) $ 42,350 $ 165,890 Beginning inventory Plus. Net purchases Not markups Less Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 77,000 315,000 9,000 (11,000) 313,000 390,000 165,890 208,240 Base layer cost-to-retail percentage 2021 layer cost-to-retail percentago (292,000) 98,000 $ Less Net sales Estimated ending inventory at current year retail prices Estimated ending inventory at cost Estimated cost of goods sold 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, 2021 Beginning inventory Net purchases Freight-in Net mackups Net markdowns Net sales Cast Retail $370,000 $ 515,000 890,000 1,280,000 54,000 55,000 25,000 1,235,000 Estimate ending inventory and cost of goods sold using the conventional method (Round ratio calculation to 2 decimal places (ie.. 0.1234 should be entered as 12.34%.)) VIIVI4MERILIE Cost Retail Cost-to-Retail Ratio $ 370,000 $ 890,000 54,000 515,000 1,280,000 Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale 55,000 1,850,000 (25,000) 1,825,000 1,314,000 Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (1.235,000) 590,000 $ On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method Accounting records provided the following information Beginning inventory Net purchases Net markups Net markdowns Het sales Retail price index, end of year Cost Retail 42,950 $ 77,000 165,890 315.000 9. 11,000 292.000 1.04 Estimate ending inventory using the dollar-value LIFO retail method (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered os 12.34%.)) $ 42,350 $ 165,890 Beginning inventory Plus. Net purchases Not markups Less Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 77,000 315,000 9,000 (11,000) 313,000 390,000 165,890 208,240 Base layer cost-to-retail percentage 2021 layer cost-to-retail percentago (292,000) 98,000 $ Less Net sales Estimated ending inventory at current year retail prices Estimated ending inventory at cost Estimated cost of goods sold 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, 2021 Beginning inventory Net purchases Freight-in Net mackups Net markdowns Net sales Cast Retail $370,000 $ 515,000 890,000 1,280,000 54,000 55,000 25,000 1,235,000 Estimate ending inventory and cost of goods sold using the conventional method (Round ratio calculation to 2 decimal places (ie.. 0.1234 should be entered as 12.34%.)) VIIVI4MERILIE Cost Retail Cost-to-Retail Ratio $ 370,000 $ 890,000 54,000 515,000 1,280,000 Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale 55,000 1,850,000 (25,000) 1,825,000 1,314,000 Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (1.235,000) 590,000 $
