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Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending...

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Accounting

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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 $300,000 $450,000 861,000 1,210,000 22,000 48,000 18,000 1,200,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entere as 12.34%. Answer is not complete. Cost to Retail Ratio Retail Cost $ 300.000 $ 861.000 450.000 1.210.000 Beginning inventory Plus Net purchases Answer is not complete. Retail COD Retail $ $ 300,000 861,000 22,000 450,000 1,210,000 0 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 48,000 18,000 1.240,000 1,690,000 883,000 1 183,000 7.00% X Cost-to-retail percentage 1.200,000 490,000 $ Less Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold S 1.183,000

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