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Retail Method

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, 2013:

	Cost	Retail
Beginning Inventory	300000	464000
Net Purchases	880000	1224000
Freight-in	24000
Net Markups		50000
Net Markdowns		16000
Net Sales		1165000

1. Estimate ending inventory and cost of goods sold (average cost).

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

Ending Inventory using Average Cost COGS using Average Cost Ending Inventory using LIFO COGS using LIFO