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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, 2018: Retail Cost $440,000 575,000 925,000 62,150 Beginning inventory Net purchases Freight-in Net markups Net markdowns 1,350,000 62,000 32,000 1,270,000 Net sales Estimate ending inventory and cost of goods sold (average cost). Cost-to-Retail Ratio Retail Cost Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold

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