Problem 9-10 Kingbird Inc. uses the retail inventory method to estimate ending Inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2018 Inventory, October 1, 2018 At cost $52,300 At retall 78,100 Purchases (exclusive of freight and returns) At cost 272,816 At retail 416,800 Freight-in 16,300 Purchase returns At cost 5,700 At retail 8,200 Markups 9,000 Markup cancellations 2,000 Markdowns (net) 3,600 Normal Spoilage and breakage 9,800 Sales revenue 397,700 (a) Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-or-market inventory for October 31, 2018. (Round ratios for computational purposes to o decimal places, eg 78% and final answer to decimal places, e.. 28.987.) Ending inventory at lower-of-cost-ormarket $ Click If you would like to Show Work for this question: Doen Show Work ments 2020) Problem 9-10 Kingbird Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertanto a single department to the October 2018 $52,300 78.100 Study Inventory, October 1, 2018 At cost At retail Purchases (exclusive of freight and returns) At cost At retail Freight-in Purchase returns At cost At retail Markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales revenue 272,816 416,800 16,300 5,700 8,200 9,000 2,000 3,600 9,800 397,700 (a) Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-or-market inventory for October 31, 2018. (Round rates for computational purposes to o decimal places, eg 78% and final answer to o decimal places, e.g. 28,987.) Ending inventory at lower-of-cost-or-market Click If you would like to Show Work for this question: Open Show Work LINK TO TEXT acer