Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and
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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:
Estimate ending inventory and cost of goods sold (average cost) using the information provided.
Transcribed Image Text:
Cost Retail $300,000 $ 450,000 Beginning inventory Net purchases Freight-in Net markups 861,000 1,210,000 22,000 48,000 Net markdowns 18,000 1,200,000 Net sales
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Particulars Cost Retail Cost to Retail ratio Beginning inventory 300000 450000 Add Net purch...View the full answer
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Venkatadeepika allamsetty
I have finished my graduation in 1999 followed by the masters in commerce in 2001 from calcutta university. Therafter, I enrolled for Chartered accountant course at ICAI which is a regulatory body for passing chartered accountancy course. I am National education test and State level eligibilty test qualified candidate. I have more than 15 years of industrial experience in the area of finance and I strongly believe that I can meet the requirements of students.
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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