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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 the quarter ending September 30, 2016: Cost Retail Beginning inventory $ 460,000 $ 590,000 Net purchases 940,000 1,370,000 Freight-in 52,700 Net markups 64,000 Net markdowns 34,000 Net sales 1,280,000 Estimate ending inventory and cost of goods sold (LIFO)

2.

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, 2016:

	Cost			Retail
Beginning inventory	$	310,000		$	455,000
Net purchases		858,000			1,220,000
Freight-in		25,500
Net markups					49,000
Net markdowns					19,000
Net sales					1,205,000

Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))

3. On January 1, 2016, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Cost Retail Beginning inventory $ 56,000 $ 80,000 Net purchases 223,040 330,000 Net markups 6,000 Net markdowns 8,000 Net sales 307,000 Retail price index, end of year 1.02 Calculate the inventory value at the end of the year using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar.)

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