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

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Accounting

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 at the end of the year:
\table[[,Cost,Retail],[Beginning inventory,$380,000,$520,000Kiddie 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 at the end of the year:
Cost Retail
Beginning inventory $ 380,000 $ 520,000
Net purchases 895,0001,290,000
Freight-in 68,200
Net markups 56,000
Net markdowns 26,000
Net sales 1,240,000
Estimate ending inventory and cost of goods sold using the conventional method.
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