Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory...
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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: Beginning inventory Net purchases Freight-in. Net markups Net markdowns Net sales Cost Retail $ 610,000 $480,000 950,000 1,390,000 11,300 66,000 36,000 1,290,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) 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 $ 610,000 $480,000 950,000 1,390,000 11,300 66,000 36,000 1,290,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))
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To estimate ending inventory and cost of goods sold using the LIFO LastIn FirstOut retail inventory ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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