Brief Exercise $9-8($Algo$)$ Retail inventory method; LIFO $[$LO$9-3]$

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 at the end of the year:

Estimate ending inventory and cost of goods sold $($LIFO$).$

Note: Round ratio calculation to $2$ decimal places $($i$.$e$.,\backslash (\backslash$mathbf$\{0.1234\}\backslash )$ should be entered as $12\mathrm{.}34\backslash \%.)\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline & $\backslash$multicolumn$\{2\}\{|$r$|\}\{$Cost$\}$ & $\backslash$multicolumn$\{3\}\{|$r$|\}\{$Retail$\}$ & $\backslash$begin$\{$tabular$\}\{$l$\}$

Cost$-$to$-\backslash \backslash$

Retail $\backslash \backslash$

Ratio

$\backslash$end$\{$tabular$\}\backslash \backslash$

$\backslash$hline Beginning inventory & $\backslash$$ & $330,000$ & & $\backslash$$ & $480,000$ & $\backslash \backslash$

$\backslash$hline Plus: Net purchases & & $868,000$ & & & $1,240,000$ & $\backslash \backslash$

$\backslash$hline Freight$-$in & & $97,000$ & & & & $\backslash \backslash$

$\backslash$hline Net markups & & & & & $51,000$ & $\backslash \backslash$

$\backslash$hline Less: Net markdowns & & & & & $\backslash ((21,000)\backslash )$ & $\backslash \backslash$

$\backslash$hline Goods available for sale $($excluding beginning Inventory$)$ & & $965,000$ & & & $1,270,000$ & $\backslash \backslash$

$\backslash$hline Goods available for sale $($including beginning Inventory$)$ & & $1,295,000$ & & & $1,750,000$ & $\backslash \backslash$

$\backslash$hline Cost$-$to$-$retail percentage & & & & & & $75\mathrm{.}98\backslash \%\backslash \backslash$

$\backslash$hline Less: Net sales & & & & & $1,215,000)$ & $\backslash \backslash$

$\backslash$hline Estimated ending inventory at retail & & & & & $535,000$ & $\backslash \backslash$

$\backslash$hline Estimated ending inventory at cost & & $406,493$ & & & & $\backslash \backslash$

$\backslash$hline Estimated cost of goods sold & & & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ Brief Exercise $9-8($Algo$)$ Retail inventory method; LIFO $[$LO$9-3]$

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 at the end of the year:

Estimate ending inventory and cost of goods sold $($LIFO$).$

Note: Round ratio calculation to $2$ decimal places $($i$.$e$.,\backslash (\backslash$mathbf$\{0.1234\}\backslash )$ should be entered as $12\mathrm{.}34\backslash \%.)$