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Chapter 7: Inventories: Additional issues 7.1 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 this period Cost Retail price Beginning inventory 300.000 450.000 Net purchase 883.000 1.240.000 Net sales 1.200.000 Estimate ending inventory and cost of goods sold 7.2 On Feb 26 a hurricane destroyed the entire inventory stored in a warehouse owned by the Rockford Corp. The following information is available from the records the company's periodic inventory system: -Beginning inventory: 220.000 -purchases from the beginning of the accounting period: 400.000 - net sales from the beginning of the accounting period: 600.000 Gross profit ratio: 30% of sales Estimated the cost of the inventory detroyed. 7.3 The following information is available from the records of a Company inventory at the end of the period Name Quantity Cost (per unit) Estimated Estimated (units) selling price selling expenses Merchandise A 300 180 170 10 B 500 120 140 12 100 250 275 25 D 200 300 310 30 Required: a/Prepare joural to record the allowance for inventory. Given that the balance of account 2293 allowance for inventory) right before the end of the period is: 50. b/Present the information related to Inventory of this company on the Statement of Financial Position. c/Identify the effect of the inventory obsolete to income statement for this period