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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 for the quarter ending September 30, 2016:

Cost Retail
Beginning inventory $ 410,000 $ 545,000
Net purchases 910,000 1,320,000
Freight-in 44,400
Net markups 59,000
Net markdowns 29,000
Net sales 1,255,000

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%.))
Cost Retail Cost-to-Retail Ratio
Beginning inventory
Plus: Net purchases
Freight-in
Net markups
Goods available for sale 0
Less: Net markdowns
Goods available for sale 0 0
Cost-to-retail percentage
Less: Net sales
Estimated ending inventory at retail $0
Estimated ending inventory at cost
Estimated cost of goods sold $0

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