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Posted on Jul 13, 2024

Please answer those three questions. Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods

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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 Cost Retail Beginning inventory $450,000 $ 590,000 Net purchases 940,000 1,370,000 Freight-in 52,700 Net markups 64,000 Net markdowns 34,000 Net sales 1,280,000 Estimate ending inventory and cost of goods sold (average cost). (Round ratio calculation to 2 decimal places (.e., 0.1234 should be entered os 12.34%-)) Cost Retail Cost to Retail Ratio $ Beginning inventory Plus: Net purchases Freight-in Nel markups I see Name 590,000 1.370.000 460 000 $ 940.000 52.700 64,000 Cost Retail Cosco Retail Ratio $ 460,000 $ 940,000 590,000 1,370,000 52,700 Beginning inventory Plus: Net purchases Freight-in Net markups Less. Net markdowns Goods available for sale 64,000 (34,000) 1,990,000 $ 1,452,700 $ Cost-to-retail percentage (1.280,000) 710,000 $ Less: Net sales Estimated ending inventory at retail 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 markups Net markdowns Net sales Cost Retail $300,000 $450,000 861,000 1,210,000 22,000 48,000 18,000 1,200,000 Estimate ending inventory and cost of goods sold (UFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost Retail Cost.to-Retail Ratio Beginning inventory Plus: Net purchases Freight in Net markups on Norman Peer 5 of 6 !!! Next > Cost Retail Cost to Retail Ratio Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale (excluding beg. Inventory) Goods available for sale (including beg. Inventory) 0 0 0 0 Cost-to-retail percentage 69 Less. Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold S 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 markups Net markdowns Net sales Cost Retail $300,000 $450,000 861,000 1,210,000 22,000 43,000 18,000 1,200,000 Estimate ending inventory and cost of goods sold using the conventional method (Round ratio calculation to 2 decimal places tie., 0.1234 should be entered as 12.34%.)) Cost Cost to Retall Ratio $ 300,000 $ 861.000 22.000 Retail 450.000 1.210,000 Beginning inventory Plus: Net purchases Freight-in Net markups Cashlafnreola 48.000 1 Then Next 6 of 6 !!! Cost Retail Cosco Retail Ratio $ 460,000 $ 940,000 590,000 1,370,000 52,700 Beginning inventory Plus: Net purchases Freight-in Net markups Less. Net markdowns Goods available for sale 64,000 (34,000) 1,990,000 $ 1,452,700 $ Cost-to-retail percentage (1.280,000) 710,000 $ Less: Net sales Estimated ending inventory at retail 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 markups Net markdowns Net sales Cost Retail $300,000 $450,000 861,000 1,210,000 22,000 48,000 18,000 1,200,000 Estimate ending inventory and cost of goods sold (UFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost Retail Cost.to-Retail Ratio Beginning inventory Plus: Net purchases Freight in Net markups on Norman Peer 5 of 6 !!! Next > Cost Retail Cost to Retail Ratio Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale (excluding beg. Inventory) Goods available for sale (including beg. Inventory) 0 0 0 0 Cost-to-retail percentage 69 Less. Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold S 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 markups Net markdowns Net sales Cost Retail $300,000 $450,000 861,000 1,210,000 22,000 43,000 18,000 1,200,000 Estimate ending inventory and cost of goods sold using the conventional method (Round ratio calculation to 2 decimal places tie., 0.1234 should be entered as 12.34%.)) Cost Cost to Retall Ratio $ 300,000 $ 861.000 22.000 Retail 450.000 1.210,000 Beginning inventory Plus: Net purchases Freight-in Net markups Cashlafnreola 48.000 1 Then Next 6 of 6 !!!