Question: Can anyone please help me with this question? Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and

Can anyone please help me with this question?

Can anyone please help me with this question? Kiddie World uses aperiodic inventory system and the retail inventory method to estimate ending inventory

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 $360,000 $ 510,000 884,000 1,270,000 41,100 54,000 24,000 1,230,000 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%.)) Cost Retail Cost-to- Retail Ratio $ 360,000 $ 510,000 1,270,000 884,000 41,100 0 Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale (excluding beg. Inventory) Goods available for sale (including beg. Inventory) 0 0 54,000 24,000 1,300,000 1,810,000 925,100 1,285,100 Cost-to-retail percentage 71.16% Less: Net sales 0 1,230,000 580,000 $ Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 412,728 X 872,372 $

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