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

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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:
Cost
Retail
Beginning inventory
$ 500,000
$ 630,000
Net purchases
960,000
1,410,000
Freight-in
51,100
Net markups
68,000
Net markdowns
38,000
Net sales
1,300,000
Estimate ending inventory and cost of goods sold (LIFO).
Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)
image
Kiddie Worid uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are avallable at the end of the year: Estimate ending inventory and cost of goods sold (LIFO). Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)

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