Question: 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

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, 2011:

Estimate ending inventory and cost of goods sold (averagecost).

Cost Retail Beginning inventory 300,000S 4,50,000 Net purchases Freight-in Net markup Net markdowns Net sales 8,61,000 12,10,000 22,000 48,000 18,000 12,00,000

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